Form 15G For PF Withdrawal

Form 15G For PF Withdrawal Download

Form 15G PF Withdrawal PDF to be made by an individual or a person (not being a company or firm) claiming certain incomes without deduction of tax for PF Withdrawal. It is more than Rs. 10,000 in a financial year. Recently, the EPFO Unified portal launched a facility to submit EPF Form 15G for PF which allows the EPF members to withdraw PF online.

Form 15G is a declaration that can be filled out by fixed deposit holders (individuals less than 60 years of age and HUFs) to ensure that no TDS (tax deduction at source) is deducted from their interest income in a year. As per the income tax rules, it’s mandatory for banks to deduct tax at source (TDS) in case of the interest earned on your fixed deposit, recurring deposit, etc.

Form 15G For PF Withdrawal – Details to be Mention

Form 15G has two sections. The first part is meant for individuals who want to claim no deduction of TDS on certain incomes. The following are the fields you need to fill out in the first segment of Form 15G:

• Field (1) Name of the Assessee (Declarant) – Name as mentioned on your PAN Card
• Field (2) PAN of the Assessee: A valid PAN card is mandatory to file Form 15G. If you don’t have valid PAN details, your declaration will be treated as invalid. Declaration in Form 15G can be provided by an individual but not by any firm or company.
• Field (3) Status: Your income tax status which can be Individual/ Hindu Undivided Family(HUF)/ AOP, whatever is applicable to you
• Field (4) Previous Year: You have to select the previous year as the financial year for which you are claiming the non-deduction of TDS.
• Field (5)  Residential Status: Mention your residential status as a resident individual because NRI is not allowed to submit Form 15G.
• Fields (6-12) Address: Mention your communication address correctly along with the PIN code.
• Fields (13-14) Email id and phone number: Provide a valid email ID and contact number for further communications.
•  Field 15 (a) Whether assessed to tax under the Income-tax Act, 1961: Tick mark ‘’Yes’’ if you were assessed to tax under the provisions of the Income Tax Act, 1961 for any of the previous assessment years.
• (b) If yes, the latest assessment year for which assessed: Mention the latest assessment year for which the returns were assessed.
• Field (16) Estimated income for which this declaration is made: In this field, the estimated income for which you are making the declaration needs to be mentioned
• Field (17) Estimated total income of the P.Y. in which income mentioned in column 16 to be included: Total estimated income for the financial year (which includes all the income)
• Field (18) Details of Form No. 15G other than this form filed during the previous year, if any: If you have already filed Form 15G anytime during the financial year, then the details of the previous declaration along with an aggregate amount of income need to be mentioned in the present declaration.
• Field (19) Details of income for which the declaration is filed: Last part of section 1 asks you to fill in the investment details for which you are filing the declaration. You need to provide the investment account number (term deposit/ life insurance policy number/ employee code etc.)
• Once you are done with filling the entire fields, cross-check all the details meticulously to ensure there is no error.

Form 15G EPFO Withdrawal – Online Procedure

• Login to EPFO UAN Unified Portal for members i.e. https://www.epfindia.gov.in/.
• Click on the ONLINE SERVICES option – Claim (Form 31, 19, 10C).
• Verify the last 4 digits of your bank account
• Below the option, ‘I want to apply for, click on Upload form 15G as depicted in the image

Form 15G for PF Withdrawal Rules

• The tax exemption limit for interest earned on contributions to the Provident Fund (PF) has been increased to Rs.5 lakh per annum.
• This is only applicable only if the contribution up to Rs.5 lakh is not inclusive of the employer’s contribution for which the current limit is 12% of the basic pay, i.e., there is no employer contribution.
• This new provision will be effective from 1 April 2021.

FAQs on Form 15G for PF Withdrawal

Form 15G mandatory for PF withdrawal of less than Rs. 50,000?
No,

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.

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%.

What is the use of Form 15G?
Form 15G is filled out to ensure that there is no TDS from an individual’s interest income in a given year.

Download Form 15G For PF Withdrawal in PDF format using the link given below.

• Form 15G for Fixed Deposit
• UCO Bank Form 15G
• Bank of Baroda 15G Form
• SBI Form 15G
• Axis Bank Form 15G
• HDFC Bank Form 15G