Form 15G: How to Download Form 15G For PF Withdrawal?

Have you ever been in a situation where you’re anxiously waiting for your bank to credit the full interest amount on your fixed deposit, only to find out that a chunk of it has been deducted as tax? If yes, then you’re not alone. But there’s good news! Form 15G is here to help you avoid that very scenario. So, let’s dive into what Form 15G is all about, why it’s important, and how you can use it to keep more of your hard-earned money.

What is Form 15G?

Form 15G is a self-declaration form that you can submit to your bank or financial institution to ensure that no TDS (Tax Deducted at Source) is deducted from your interest income. This form is particularly useful for individuals whose total income is below the taxable limit. Essentially, by submitting this form, you declare that your income is below the threshold and request that no tax be deducted from your interest income.

Is Form 15G Mandatory for PF Withdrawal?

You must submit Form 15G to avoid TDS being deducted from your PF withdrawal. Section 192A of the Finance Act 2015 states that TDS applies to PF withdrawals over ₹50,000 if you’ve worked for less than 5 years.

Given these conditions, here are the PF withdrawal rules:

• 10% TDS: If you provide your PAN card but not Form 15G.
• 20% TDS: If you don’t submit either your PAN card or Form 15G.
• No TDS: If you submit Form 15G.

How to Download Form 15G for PF Withdrawal?

You can easily find and 15G form download for free from the websites of all major banks in India, as well as from the official EPFO portal and the Income Tax Department website. Most major banks in India also allow you to submit Form 15G online. Just log in to your bank’s website and search for “PF 15G Form download,” and you can save it to your computer or smartphone. Additionally, the Income Tax Department’s official website has it available for download. Here’s a sample Form 15G for you.

Steps to Fill up Form 15G for PF Withdrawal

Form 15G is divided into two sections: Part 1 and Part 2. For PF withdrawal, you only need to fill out Part 1. Here’s how to do it step-by-step:

• Name of the Assessee (Declarant): Enter your name exactly as it appears on your PAN card.
• PAN of the Assessee: Since only individuals can submit Form 15G, make sure to enter your valid PAN card number.
• Status: Indicate your income tax status, which is “individual.”
• Previous Year: Write the financial year for which you are claiming the TDS exemption.
• Residential Status: Form 15G is only for residents, so you’ll need to select “Resident.” NRIs are not eligible.
• Address: Provide your full address along with the PIN code. If it’s on your Aadhaar card, make sure it matches.
• Email ID and Phone Number: Enter a valid email address and phone number for communication purposes.
• (a) Whether assessed to tax under the Income-tax Act, 1961: Tick “Yes” if you’ve filed an ITR in any of the previous years.
• (b) If yes, the latest assessment year for which you assessed: Mention the latest assessment year for which you filed your ITR.
• Estimated income for which this declaration is made: Indicate the estimated amount you plan to withdraw.
• Estimated total income of the P.Y. in which income is mentioned in column 16 to be included: Provide the estimated total yearly income for the same financial year you’re withdrawing the PF amount.
• Details of Form No. 15G other than this form filed during the previous year, if any: If you’ve submitted multiple Form 15Gs in that financial year, state the total number and total income amount of all those forms. Add up the amounts mentioned in field 16 of each form.
• Details of income for which the declaration is filed: Here, include the investment identification number, nature of income, section under which tax is deductible, and amount of income.
• After filling out the form, double-check everything to ensure it’s accurate before submitting it.

Can We Submit Form 15G Online for PF Withdrawal?

If you have ever wondered about the process of withdrawing your Provident Fund (PF) without facing the hassle of Tax Deducted at Source (TDS), you’re in the right place.

• Log into the EPFO Portal: Start by logging into the Employees’ Provident Fund Organisation (EPFO) portal. You’ll need your UAN (Universal Account Number) and password for this.

• Check KYC Details: Before proceeding, ensure that your KYC (Know Your Customer) details are up-to-date. This includes your Aadhaar, PAN, and bank details. Without an updated KYC, you won’t be able to submit Form 15G.

• Navigate to Online Services: Once logged in, go to the ‘Online Services’ tab. Here, you’ll find the option for ‘Claim (Form-31, 19 & 10C)’. Click on it.

• Verify Personal Information: You’ll be prompted to verify your personal information. Double-check all details to make sure everything is correct

• Select PF Withdrawal Type:Choose the type of PF withdrawal you want to make (full withdrawal, partial withdrawal, or pension withdrawal).

• Upload Form 15G: You’ll find an option to upload Form 15G. Fill out the form as per the instructions (we’ll get into the details of filling out the form in a bit) and upload it in the designated section.

• Submit Your Claim: After uploading the form, you’ll need to agree to the terms and conditions and submit your claim. You might also need to authenticate the process using an OTP sent to your registered mobile number.

• Track Your Claim: After submission, you can track the status of your claim through the EPFO portal. You’ll receive updates on your registered mobile number and email.

How Much Amount of PF Interest is Tax-free?

Interest on EPF contributions up to ₹2.5 lakh per year is tax-free. However, any interest earned on contributions above this limit will be taxed annually.

Now that you know how to Form 15G for PF download, you can save on TDS from your interest income. But be careful; not providing accurate information on Form 15G to avoid TDS can lead to fines or imprisonment under Section 277 of the Income Tax Act.

TDS on EPF Withdrawal Rules

So, did you know that if you withdraw PF amount online of more than ₹50,000 from your EPF and have worked for less than 5 years, the government will take a slice of that as TDS (Tax Deducted at Source) under Section 192A of the Finance Act, 2015? But don’t worry; you can avoid this by submitting Form 15H or Form 15G for a TDS exemption. Just remember, Form 15G is for folks under 60, while Form 15H is for those who are 60 and above.

When is TDS Applicable on EPF Withdrawal?

If an employee wants to withdraw an EPF amount of ₹50,000 or more and has worked for less than 5 years, here’s how TDS is handled:

• With PAN Card: If the employee provides their PAN card but doesn’t submit Form 15G/15H, TDS will be deducted at a rate of 10%.

• Without PAN Card: If the employee doesn’t provide a PAN card and skips Form 15G/15H, TDS will be deducted at a higher rate of 20%.

When is TDS Not Applicable on EPF Withdrawal?

When you transfer your EPF account to a new one, you don’t have to worry about TDS. TDS also doesn’t apply if you leave your job due to health issues, if your employer stops their business, if a project wraps up or for other reasons beyond your control. If you withdraw your EPF balance after working for 5 years or more, TDS doesn’t come into play. Additionally, if your EPF amount is under ₹50,000 and you’ve worked for less than 5 years, no TDS will be deducted. And if you’re withdrawing ₹50,000 or more with less than 5 years of service, but you submit Form 15G or 15H along with your PAN card, TDS will be waived off.

Conclusion

Form 15G for PFwithdrawal download isn’t as daunting as it might seem at first. With just a few clicks on the EPFO member portal, you can access and submit the form, ensuring that you get your funds without any unnecessary deductions. Remember, the key is to make sure all your details are accurate and up-to-date. By following these simple steps, you’re well on your way to a hassle-free PF withdrawal process. So, you’ll know exactly what to do next time you’re ready to dip into your PF savings.

FAQs on Form 15G

1

Who can submit Form 15G for PF withdrawal?

Anyone with a taxable income below the exemption limit (₹2.5 lakh for individuals) can submit Form 15G for PF withdrawal to ensure no TDS is deducted.

2

Is there an expiry date for Form 15G?

Form 15G does not have an expiry date, but it must be submitted for each financial year and each specific transaction to avoid TDS.

3

Can Form 15G be submitted offline?

Yes, Form 15G can be submitted offline by visiting the bank or financial institution where you hold your PF account.

4

What should I do if TDS is deducted despite submitting Form 15G?

If TDS is deducted despite submitting Form 15G, you should file your income tax return to claim a refund for the deducted amount.

5

Can I submit Form 15G for partial PF withdrawal?

Yes, Form 15G can be submitted for partial PF withdrawals, provided the total taxable income is below the exemption limit.

6

Is there any penalty for incorrect information on Form 15G?

Providing incorrect information on Form 15G can lead to penalties and legal issues. It is important to ensure all details are accurate and true.

Suggested Readings

1. How to Claim TDS Refund Online?

2.Income Tax Act 1961 of India: Definition, Chapters, Objectives & Provisions