Form 15G for the provident fund (PF) withdrawal would be the self-declaration form which confirms the petitioner that there shall be no TDS deduction when they withdraw their provident fund before the provided fiscal year.
Under the norms of income tax, when the employee withdraws via provident fund prior to completing 5 years with the present company and withdraws exceeding Rs 50,000 then TDS shall get deducted. However, the Employees Provident Fund Organization (EPFO) would start Form 15G for PF withdrawal which eases PF members to pre-withdraw their PF online without any deduction of TDS.
Hence what is Form 15G, what is the method of filling and submitting the same form, and the way it support preventing TDS deductions? Know the information via the same article on Form 15G for PF withdrawal.
Note: TDS rates are reduced to 20% on the taxable portion of EPF withdrawal in case no PAN is submitted.
Online Procedure of Downloading Form 15G for PF Withdrawal
The method to submit Form 15G would be digitized via the Central Board of Direct Taxes (CBDT). All assessee are required to download the form online fill in the precise information and submit the same. But you could indeed furnish and submit the physical copy to the EPFO regional office for non-deduction of TDS.
Below mentioned is the method to download Form 15G online:
- You are enabled to download PF Withdrawal Form 15G via the online portal EPFO.
- Tap on the online services, tap on the online claim and then tap on the needed information.
- Verify the last 4 digits of the phone number, and your PF withdrawal form will be visible.
- Search for the “upload Form 15G” option to obtain the form downloaded on your PC or mobile.
- Fill the Part 1 of the form and convert it into PDF. Upload the PDF copy of the form while making an online claim.
How to Easily Fill up the PF Withdrawal 15G Form
The same is essential to learn that the PF form 15G would get divided into 2 distinct sections-
Section 1: The same section directs to the person who seeks to claim for no Tax Deducted at Source deduction on the precise incomes. These people would be needed to fill the form 15G for PF
by furnishing the same essential information.
- Taxpayers’ names under the enrolled documents.
- Information about the PAN card.
- Income tax status like an individual, Hindu-Undivided Family (HUF), or any trust.
- Residential status, address details, PIN code.
- E-mail ID and phone number.
- Tick the mark on “yes” when you have been assessed to tax under the Income Tax Act 1961 and note the latest assessment year of returns.
- The information on the approximate income for which the declaration would be made.
- At last, enter the information related to the investment interest income. For the same, you should insert your PF account number.
Section 2: The form would get filled via the person who deposits the TDS to the government on the grounds of the taxpayers. The same person would indeed be called the deductor.
Note: There is no requirement to submit PF Form 15G to the Income Tax Department. One could merely submit the same at the EPFO online portal.
What Would be the Criteria for Submitting Form 15G for PF Withdrawl?
Form 15G is secured with the vital tool that assists you in securing the TDS load related to the withdrawal of PF. Hence same would be essential to learn the eligibility to submit Form 15G and the method to furnish a wrong declaration could be directed to impose a fine or even imprisonment. Below is the essential information and the eligibility criteria that a person should learn prior to filing 15G form PF withdrawal:
- A person could file Form 15G, and not any firm or company.
- A person is required to be a resident of India or HUF.
- The age of the person should be of 60 years or less.
- The calculated tax amount on the sum of your income that comprises the PF balance withdrawal amount in the fiscal year must be nil.
- The data provided in the form must be true, correct, and complete.
Penalties After Filing Incorrect Details in PF Withdrawal Form 15G
Any false declaration in Form 15G to prevent the TDS shall provide the outcomes of heavy fines and imprisonment under Section 277 of the Income Tax Act, 1961. The following are the particulars of the punishments:
- Imprisonment for the duration of 6 months to 7 years when there would be a wrong declaration to evade the tax of exceeding Rs 1 lakh.
- Towards the additional cases, the imprisonment would lie between 3 months to 3 years.
Essential Things to Know While Filing Form 15G
- Form 15G would be subjected to be applied for the specific fiscal year which renders that each year you are obligated to fill the separate Form 15G. Therefore there shall be no option for deduction of TDS.
- When you are a TDS deductor you would obtain a Unique Identification Number or UIN via the income tax department. As a deductor, you should furnish the statement of Form 15G on a quarterly grounds and should maintain the same forms for at least 7 years.
- Confirm that your age is below 60 years.
- You should specify the correct assessment year and cross-check the duly furnished information.
- A copy of the PAN card would be needed for the submission of Form 15G.
- You must remember to save your acknowledgement slip, post submitting Form 15G.
TDS Deductions On PF Withdrawal
During the filing of Form 15G for the withdrawals of the PF, the same shall be essential to find out the TDS rules concerning the PF withdrawals, under the rule when the amount of the withdrawal would exceed or identical to Rs 50,000 and when one would work for less than 5 years in the identical company the same shall draw TDS. A 10% TDS would get deducted when the employee can submit their PAN card. If an employee is not able to submit the PAN card then with the rate of 20% TDS would get deducted.
| Investment Type | Premature Withdrawals |
|---|---|
| Income Tax Section | 192A |
| Value of Threshold limit | Rs 50,000 |
| Tax Deducted at Source (With PAN) | 10% |
| Tax Deducted at Source (without PAN) | 20% |
But TDS on PF withdrawal shall not be applicable in the below-mentioned conditions:
- When one used to transfer their own PF account to the other account.
- Finish the services because of the immediate health issues.
- When the employee withdraws the PF account after 5 years of service.
Important FAQs on 15G PF Withdrawal Form
Q1. Can non-resident Indians (NRI) claim for the TDS deduction via Form 15G?
No, only Indian residents are qualified for submitting Form 15G.
Q2. Would all interest income of mine get exempted from tax by filling out Form 15G?
No, Form 15G is only a self-declaration form that eases, no TDS can be deducted on interest income as a tax on your total or whole income would get nil.
Q3. Is it essential to submit Form 15G for the withdrawal of PF?
To prevent the tax deduction it is essential for you to fill out Form 15G when you withdraw your PF amount prior to the completion of 5 years. But if a PF withdrawal has been performed past 5 years, no need for Form 15G is there since the withdrawal has no tax.
Q4. When will I submit Form 15G?
If you withdraw your PF amount which would exceed Rs 50,000 and prior to the finish of the 5 years you would indeed need to bear a deduction of the TDS on the proceeds from the PF amount. However, when you fill out Form 15G and submit the same in the mentioned fiscal year, no levy on the TDS would be there.
Q5. Where would I submit the form, post-filing Form 15G for the withdrawal of PF?
Employees Provident Fund Organization online web portal permits you to fill and submit Form 15G online.
Q6. Do I apply for Form 15G when I do not secure my PAN card?
No, PAN card information is mandated for the submission of Form 15G.
Q7. What is the term ‘estimated income’ in Form 15G stands for?
The estimated income specified in Form 15G directs to the income that you have made in that given current fiscal year.
Q8. TDS deductor applies to whom?
On the grounds of the assessee, the “deductor” is directed to the person who just deposits the tax deducted at source (TDS) to the central government.
Form 15G for provident fund withdrawal would be the self-declaration form that ensures the applicant that there shall be no deduction of the TDS. Here is the guide for submitting the form to save taxes.
If the PF amount more than 10 lacs and service period more than 10 yrs,Still need to submit the 15G form for PF withdrawal?
As per the income tax rules, if an employee withdraws from the provident fund before completing five years with the current organization and withdraws more than INR 50,000, then TDS would be deducted. However, the Employees Provident Fund Organization (EPFO) has introduced Form 15G for PF withdrawal, which facilitates PF members to pre-withdraw their PF online without any TDS deduction.
if service period more than 5 yrs (total experience and individually 2 yrs each ) and withdrawal amount more than 250 k the form 15 g need to submitted or not clarify please.