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

Employee Provident Fund is a fund meant for the welfare of employees where 12% of the employee’s basic salary and dearness allowance is contributed to the fund account every month. The employer also contributes an equal amount.

You can withdraw this PF balance as per the PF withdrawal rules. However, if the amount you withdraw is more than Rs. 50,000 in a year, the government will deduct some tax called TDS (Tax Deducted at Source). under section 192A of the Income Tax Act. So, you will receive only the balance amount after the tax is deducted.

However, you can make sure that there are no TDS deductions on your PF withdrawal amount by filling out Form 15G if your income is below the taxable limit. To learn more on this matter, please read on.

What is Form 15G?

Form 15G or EPF Form 15G is a document people submit to ensure no TDS is deducted on the interest you earn from your EPF, RD or FD. This form can be filled out by individuals below 60 years of age and Hindu Undivided Families (HUFs). For individuals aged 60 years and above have a different form- Form 15H. 

In this article we will explain Form 15G thoroughly. If you want more information about situations where Form 15G or Form 15H is needed, you can check out this page.

Is Form 15G mandatory for PF withdrawal?

Yes, Form 15G is mandatory if you don't want TDS to be deducted from the PF withdrawal amount. Section 192A of the Finance Act 2015 states that PF withdrawal will attract TDS if the withdrawal amount is more than Rs.50,000 and your employment tenure is of less than 5 years.

Keeping these above conditions in view, these are the PF withdrawal rules that will be applicable:

1. 10% TDS: if you submit your PAN card but fail to submit Form 15G
2. 30% TDS: if you fail to submit both your PAN card and Form 15G
3. No TDS if you submit Form 15G.

How to download Form 15G for PF withdrawal?

You can get Form 15G from EPFO’s online portal or the websites of major banks. Simply log in and search for PF Form 15G download, and you can download it to your computer or smartphone. 

Furthermore, you can also visit the Income Tax Department’s official website for the same. Here’s a sample Form 15G.

Can we submit Form 15G online for PF withdrawal?

Yes, you can definitely submit Form 15G online via EPFO’s online portal. If you are wondering how to fill out Form 15G for PF withdrawal, follow the steps given below:

• Firstly, log in to the EPFO UAN portal

• Then, select ‘Online Services’ and click on ‘Claim’

• For verification, enter your bank account number and click on ‘Verify’

• Press on ‘Upload Form 15G’ below the ‘I want to apply for’ option

How to fill Form 15G for PF withdrawal? 

You are required to fill out only Part I of Form 15G for PF withdrawal. Follow these instructions to fill up the other fields in Form 15G:

1. Name of the Assessee (Declarant) – Name must be as per your PAN Card
2. PAN of the Assessee: Form 15G can be submitted only by an individual and not by any firm or company. Enter your valid PAN card number and make sure the fourth letter of the PAN card number is ‘P’ otherwise your declaration will be treated as invalid. 
3. Status: Your applicable income tax status ,i.e Individual in this case.
4. Previous Year: You have to select the financial year in which you are claiming the non-deduction of TDS.
5. Residential Status: Mention ‘Resident’ as your residential status because NRI is not allowed to submit Form 15G.
6. Address: Mention your address, preferably the one mentioned in the Aadhaar card along with your PIN code.
7. Email ID and phone number: Provide a valid email ID and your contact number for further communications.
8. (a) Whether assessed to tax under the Income-tax Act, 1961: Place a tick in the ‘’Yes’’ box if you filed an ITR in any of the last few years.
   (b) If yes, latest assessment year for which assessed: Look at the assessment year from the latest ITR and mention the same.
9. Estimated income for which this declaration is made: In this field, mention the estimated withdrawal amount.
10. Estimated total income of the P.Y. in which income mentioned in column 16 to be included: Mention the total estimated income of the financial year in which you plan to withdraw the PF amount.
11. Details of Form No. 15G other than this form filed during the previous year, if any: If you have filed another Form 15G anytime during the financial year, then mention the total number of Form 15Gs filled and the total of income amount of all these forms, i.e. total up the amount in filed (16) of all the forms.
12. Details of income for which the declaration is filed: In the last part you need to provide the following income details: 

• Investment identification number
• Nature of Income
• Section under which tax is deductible
• Amount of Income

After filling in all the fields, cross-check all the details to ensure there is no error.

Is Form 15G mandatory for PF withdrawal of less than Rs. 50,000?

No, for a PF withdrawal of less than Rs.50,000, Form 15G is not mandatory.  

How much amount of PF interest is tax-free?

Interest on EPF contributions of up to Rs.2.5 lakh per year is tax-free. Any interest amount on contributions above this threshold will be taxed from the employee on a yearly basis.

Now that you know how to download and fill out Form 15G, you can save on TDS from your interest income. However, if individuals falsely declare Form 15G to avoid tax deduction at source, they are punishable by fines or imprisonment under the Income Tax Act’s Section 277. 

TDS on EPF Withdrawal Rules

According to section 192A of the Finance Act, 2015, EPF withdrawal will attract TDS (Tax Deducted at Source) if the withdrawal amount is more than Rs.50,000 and you worked for less than 5 years. One can also use Form 15H to fill the TDS exemption, the only difference is Form 15G is for those who are below 60 years of age, whereas Form 15H is for those whose age is more than 60 years.

When the TDS is Applicable on EPF Withdrawal?

When an employee wishes to withdraw an EPF amount of Rs.50,000 or more and worked for less than 5 years, the following TDS rules apply:

1. If the employee submits their PAN card but does not submit Form 15G/15H, TDS is deducted at a rate of 10%.
2. If the employee fails to submit their PAN card and does not submit Form 15G/15H, TDS will be deducted at a higher rate of 30%.

When is the TDS not Applicable on EPF Withdrawal?

1. When transferring an EPF account to another account, TDS is not applicable.
2. TDS is not applicable in case of termination of service due to ill health, discontinuation of business by an employer, completion of a project, or other causes beyond the control of the employee.
3. If an employee withdraws the EPF amount after completing a total of 5 years of service, TDS is not applicable.
4. TDS is not applicable if the EPF amount is less than Rs.50,000 and the employee has rendered service of less than 5 years.
5. If the employee withdraws Rs.50,000 or more with less than 5 years of service but submits Form 15G/15H along with PAN Card, TDS is not deducted.

Conclusion

Form 15G helps PF account holders avoid TDS if applicable, but false declaration may result in penalties and imprisonment under Section 277 of the Income Tax Act, 1961. Accurate details should be provided when filling out the form for tax-saving purposes.