Form 15G for EPF Withdrawal

Form 15G is a form related to EPF (Employees’ Provident Fund) withdrawal. The EPF members use this form to self-declare that their income is below the taxable limit and prevent Tax Deducted at Source (TDS) deduction on their withdrawal. In this blog post, we shall explain to our readers the requirement of form 15G, and how to fill it.

What is Form 15G in PF?

EPF Form 15G is available to resident individuals below 60 years of age and Hindu Undivided Families (HUFs). It is a self-declaration form that individuals submit to prevent TDS deduction on PF withdrawal when the employee’s income for the relevant financial year falls below the basic exemption limit.

The 15G form can be submitted in physical paper form or in electronic mode via the EPFO UAN portal as part of the online PF withdrawal claim process. Individuals also commonly use this form to prevent TDS deduction on eligible interest income, such as interest from bank deposits or other specified investments when their total income is below the basic exemption limit.

Why Form 15G is Required for PF Withdrawal?

Individuals below 60 years of age require this form so they can avoid TDS. As per Section 192A, TDS is mandated if a PF withdrawal is made before completing five years of continuous service and the withdrawal amount exceeds Rs. 50,000.

By submitting this form, the individual declares that their total income for the financial year will remain below the taxable limit. This declaration, if accepted, prevents unnecessary TDS deduction from the individual’s EPFO withdrawal amount.

Who is Eligible for Form 15G?

The eligibility criteria for 15G form is specified below:-

• The individual must be an Indian resident.
• They must be below 60 years of age (for senior citizens, Form 15H needs to be filed instead).
• Their total taxable income must be below the basic exemption limit.
• They must have a valid PAN.
• They must not have any tax liability for the financial year.

How to Download Form 15G?

You can easily search for and download 15G form from the websites of all the major banks in India. You can also visit the official EPFO portal or the Income Tax Department website to download this form.

To download this form from your bank’s website, you simply need to log into your bank’s website and search for the “PF 15G form download” option. You can save the form on your smartphone or computer.

To download the form via official EPFO portal, you must follow the steps provided below:-

• Visit the official EPFO portal and then log in using your credentials.
• After you have logged in, you need to select “online services” and then click on “online claim”.
• Then, you need to fill out the required information and verify your mobile number.
• Finally, search for “upload Form-15G” to download the form on your PC or mobile.

How to Fill Form 15G for PF Withdrawal?

You only need to fill part I of 15G Form for PF withdrawal. Follow the instructions mentioned below to fill up this form easily:-

• Name of the Assessee (Declarant):- In this field, you need to write your name exactly as it appears on your PAN card.
• PAN of the Assessee:- In this field, you must enter your PAN number. 15G Form is for individuals only so make sure the 4th character of your PAN is “P” (that indicates an individual). If it’s not, the declaration can be treated as invalid.
• Status:- Here, you need to mention your applicable income tax status, which in this case is individual.
• Previous Year:- In this, you need to mention the financial year for which you are claiming the non deduction of TDS.
• Residential Status:- In this field, you need to mention ‘Resident’. NRIs cannot submit 15G Form.
• Address:- Put your full address, preferably the same as on your Aadhaar. Also, include the PIN code.
• Email ID and phone number:- Give a working email address and your contact number so the authorities can reach you if needed.
• (a) Whether assessed to tax under the Income Tax Act 1961:- Tick Yes if you have filed an ITR in any recent year; otherwise tick No.
• (b) If yes, latest assessment year for which assessed:- If you answered Yes above, you must write the latest assessment year shown on your ITR.
• Estimated income for which this declaration is made:- In this, you must provide the estimated withdrawal amount.
• Estimated total income of P.Y. in which income mentioned in column 16 to be included:- Here, you need to enter your total estimated taxable income for the financial year in which the PF withdrawal will be received.
• Details of Form No. 15G other than this form submitted during the previous year, if any:- In case you have filed another Form 15G anytime during the financial year, you need to mention the total no. of Form 15Gs filed and the total income amount of all these forms.
• Details of Income for Which the Declaration is filed:- In the form’s final part, you must include income details like the investment identification no, nature of income, section under which the tax is deductible and the income amount.

Once you enter all the necessary details in the form, you must go through them carefully to ensure they are accurate and free of errors.

Conclusion

Form No. 15G allows individuals to declare that their income is below the basic exemption limit. This form helps individuals to avoid TDS deduction on their PF withdrawals. Remember that only citizens who are under the age of 60 can use this form. The individuals who are above 60 years of age need to file Form 15H instead.

Frequently Asked Questions (FAQs)

Q1. What is Form 15G in EPFO?

A. Form No. 15G is an EPF form that individuals use to declare that their income falls below the basic exemption limit, thereby helping them avoid TDS deduction on PF withdrawal.

Q2. Is form 15G mandatory for PF withdrawal?

A. No, this form isn’t mandatory for PF withdrawal. However, if you want to avoid TDS on a withdrawal that takes place before completion of five years of service and your total income for the year is below the taxable limit, submitting this form helps to make sure that there is no TDS deduction on your PF.

Q3. How to get form 15G for PF withdrawal?

A. You can obtain this form from websites of all major banks. You can also download it from the official EPFO portal or Income Tax Department’s website.

Q4. Form 15G is for what purpose?

A. Its purpose is to help eligible individuals avoid TDS deduction on various income sources, including their PF withdrawal.

Q5. Where to get form 15G?

A. This form is available on websites of all major banks, the official EPFO portal and the Income Tax Department’s website.