Do not make this mistake with your EPF accounts!

Did you switch a job recently? Or are planning to switch in the near future?

Hopefully, you haven't made/don't make this error with your EPF account.

While switching jobs, most of us never pay attention to our EPF accounts.

Whenever you switch jobs, make sure your employer continues your previous EPF account, especially, if you have switched the job before completing a 5-year tenure. (You can check it in your UAN)

Why?

If you switch a job before completing the 5-year tenure, and your new employer starts another EPF account, then you are liable for a TDS for both EPFs.

However, if you have switched the job post completion of 5-years then there would not be a TDS cut during withdrawal. Also, 5-year tenure is inclusive of your present job and the previous job, hence make sure to have the same EPF account in case of a below 5-year hop!

Cheers!

#TDS #taxation #EPF #UAN #jobswitch

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