I was earlier working in a private limited company and switched to a government service recently. I have asked my new employer to transfer the PF from the previous employer. But I have been told that as I am covered under the NPS scheme now, the PF amount cannot be transferred. Is it okay to withdraw the PF amount though I am currently in service?

Priyanka Goswami, via email

You can opt for withdrawal of the provident fund amount as your current employer does not offer the EPFO scheme. Otherwise, it is possible to directly transfer the amount accrued in your old EPF account to the new account under your current employer. However, if your period of employment with the previous employer is less than five years, the amount withdrawn will be taxable.

PPF account

I have a PPF account with the SBI. I intend to open another PPF account in the name of my minor son and had applied in the specified form (as a guardian of my minor son) at my bank. I already have a PAN card for my son. However, the bank has refused to entertain my request as one PPF account already exists in my name. Kindly clarify.

Jyoti Chakraborty, Sodepur

If you already have a PPF account, you can open another PPF account for your minor son as his natural guardian. But when it comes to eligible deduction under Section 80C, the amount deposited in both the accounts will be aggregated and the deduction limit will be Rs 1 lakh.

TDS query

I am now unemployed and have no source of income. But my interest on fixed deposits (3-year term) is more than Rs 10,000. Will I have to submit 15H to avoid TDS?

Abhijeet Nukher, via email

If your total taxable income during the financial year does not exceed the maximum amount not chargeable to income tax, you can submit Form 15G/15H (for senior citizen) to ensure no deduction of TDS.

If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abp.in, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001.