Save Tax on PF Withdrawal with Form 15G: Download and Fill Online
What is Form 15G and How to Download and Submit it Online for PF Withdrawal?
If you are planning to withdraw your provident fund (PF) balance, you may have heard about Form 15G. This is a self-declaration form that can help you avoid tax deduction at source (TDS) on your interest income from PF withdrawal. In this article, we will explain what is Form 15G, who can submit it, how to download and fill it, and how to submit it online for PF withdrawal.
fifteen g form download
Introduction
Form 15G is a declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act, 1961, to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax. In other words, it is a way of telling the income tax department that your total annual income is less than the tax threshold, and hence, there should be no TDS cut on your interest earned in that year.
Form 15G is important for PF withdrawal because according to section 192A of the Finance Act, 2015, EPF withdrawal will attract TDS if the amount of withdrawal is more than Rs.50,000 and you worked for less than 5 years. However, if your total income is below the taxable limit, you can submit Form 15G to the EPFO and request them not to deduct any TDS on your PF withdrawal.
The benefits of submitting Form 15G for PF withdrawal are:
How to download and fill Form 15G for PF withdrawal
Form 15G PDF download from Google Drive
Online submission of Form 15G or Form 15H
Form 15G for TDS exemption on interest income
How to fill Form 15G for EPF claim
Form 15G download from Income Tax Department website
Form 15G sample filled for PF withdrawal
How to submit Form 15G online via EPFO portal
Form 15G declaration for fixed deposit
Form 15G eligibility criteria and conditions
Form 15G for senior citizens and HUFs
Form 15G download from SBI website
How to avoid TDS on PF withdrawal using Form 15G
Form 15G for mutual fund redemption
How to check the status of Form 15G submission
Form 15G download from HDFC website
How to generate Form 15G online using UAN
Form 15G for premature withdrawal of PPF
How to correct errors in Form 15G
Form 15G download from ICICI website
How to file Form 15G online using PAN
Form 15G for NPS withdrawal
How to verify the authenticity of Form 15G
Form 15G download from Axis Bank website
How to renew Form 15G every year
Form 15G for LIC policy maturity
How to attach Form 15G with PF withdrawal form
Form 15G download from Kotak Mahindra Bank website
How to calculate the estimated income in Form 15G
Form 15G for post office deposits and schemes
How to fill Part II of Form 15G by the deductor
Form 15G download from Canara Bank website
How to upload Form 15G on income tax e-filing portal
Form 15G for loan against FD or RD
How to get acknowledgement of Form 15G submission
Form 15G download from Bank of Baroda website
How to fill multiple declarations in one Form 15G
Form 15G for NSC interest and maturity amount
How to save tax on interest income using Form 15G
Form 15G download from Punjab National Bank website
You can get the full amount of your PF balance without any tax deduction.
You can save time and hassle of claiming a refund of TDS from the income tax department.
You can avoid any penalty or interest for non-payment or late payment of tax.
Eligibility Criteria for Form 15G
Not everyone can submit Form 15G for PF withdrawal. There are some conditions that you need to fulfill to be eligible for submitting this form. These are:
You must be a resident individual or a Hindu Undivided Family (HUF) or a trust or any other person (not being a company or a firm).
Your age must be less than 60 years. If you are above 60 years, then you have to submit Form 15H instead of Form 15G.
The tax calculated on your total income must be nil. This means that after deducting all the applicable deductions and exemptions under the Income-tax Act, your taxable income must be below the basic exemption limit of Rs.2.5 lakh for financial year 2020-21 (AY 2021-22).
The total interest income subject for the year must be less than the basic exemption limit of Rs.2.5 lakh. This includes the interest income from all sources such as fixed deposits, recurring deposits, savings accounts, etc.
To calculate your tax liability and interest income for Form 15G, you can use the following table as a reference:
Particulars
Amount (in Rs.)
Gross total income
3,00,000
Deductions under Chapter VI-A (e.g. 80C, 80D, etc.)
1,50,000
Total income
1,50,000
Tax on total income
NIL
Rebate under section 87A
NIL
Net tax payable
NIL
Total interest income for the year (e.g. from FD, RD, etc.)
2,00,000
Basic exemption limit for the year
2,50,000
Eligible to submit Form 15G?
Yes
How to Download Form 15G
You can download Form 15G from the official website of the Income Tax Department or from the EPFO portal. Alternatively, you can also get a physical copy of the form from your bank or EPFO office. The form is available in both English and Hindi languages.
The form has two parts: Part I and Part II. Part I is to be filled by the person who is making the declaration and Part II is to be filled by the person who is responsible for paying the income. The details required to fill Form 15G are:
Name of the declarant
PAN of the declarant
Status of the declarant (individual/HUF/trust/other)
Previous year (for which declaration is being made)
Residential status (resident/non-resident)
Flat/Door/Block No., Name of Premises/Building/Village, Road/Street/Lane/Post Office, Area/Locality/Town/City/District, State, PIN code, Email ID and Mobile Number of the declarant
Whether assessed to tax under the Income-tax Act, 1961 (Yes/No)
If yes, latest assessment year for which assessed
Estimated income for which declaration is made
Estimated total income of the previous year in which income mentioned in column 9 to be included
Details of income for which declaration is made (nature of income, section under which tax is deductible, amount of income)
Details of investments/accounts in respect of which declaration is being made (identification number of relevant investment/account, etc.)
Declaration and verification by the declarant (signature with date)
Name and address of the person responsible for paying the income referred to in column 16 along with PAN/TAN/Aadhaar and email ID.
Acknowledgement by the person responsible for paying the income referred to in column 16 (signature with date and seal/stamp)
How to Submit Form 15G Online for PF Withdrawal
You can submit Form 15G online for PF withdrawal through the EPFO portal by following these steps:
Login to your EPFO account using your UAN and password.
Select 'Manage' from the top menu bar and click on 'KYC'.
Update your PAN details if not already done and verify it with the Income Tax Department.
Select 'Online Services' from the top menu bar and click on 'Claim (Form-31, 19 & 10C)'.
Verify your bank account details and click on 'Proceed for Online Claim'.
Select 'PF Advance (Form 31)' from the drop-down menu and enter the purpose and amount of withdrawal.
If your service is less than 5 years and withdrawal amount is more than Rs.50,000, you will see an option to upload Form 15G. Click on 'Choose File' and upload a scanned copy of your filled and signed Form 15G in PDF format.
Tick on the certification and submit your claim.
Conclusion
Form 15G is a useful tool to avoid TDS on your PF withdrawal if your total income is below the taxable limit. However, you should also remember that Form 15G is not a tax exemption form, but only a declaration that you are not liable to pay tax. You still have to file your income tax return and report your PF withdrawal income in it. Also, you should submit Form 15G only if you meet the eligibility criteria and fill it correctly with all the relevant details. Otherwise, you may face penalty or prosecution for false or misleading declaration.
Here are some tips and suggestions for PF withdrawal:
Try to avoid withdrawing your PF balance before completing 5 years of service, as it will attract TDS and also reduce your retirement savings.
If you have to withdraw your PF balance due to financial emergency or any other valid reason, try to withdraw only the amount that you need and not the entire balance.
Keep your KYC details updated and verified on the EPFO portal to avoid any delay or rejection of your claim.
Check the status of your claim online and follow up with the EPFO office if there is any issue or discrepancy.
Keep a copy of your Form 15G and other documents related to your PF withdrawal for future reference.
FAQs
What is the difference between Form 15G and Form 15H?
Form 15G and Form 15H are both self-declaration forms to avoid TDS on interest income. The main difference between them is that Form 15G is for individuals below 60 years of age, while Form 15H is for senior citizens above 60 years of age. Also, Form 15H has no limit on the interest income, while Form 15G has a limit of Rs.2.5 lakh.
What is the validity period of Form 15G?
Form 15G is valid for one financial year only. You have to submit a fresh form every year at the beginning of the financial year or before the first payment of interest, whichever is earlier.
Can I submit Form 15G offline at the bank or EPFO office?
Yes, you can submit Form 15G offline at the bank or EPFO office where you have your account or investment. However, it is advisable to submit it online as it is faster, easier, and more convenient.
What are the consequences of not submitting Form 15G for PF withdrawal?
If you do not submit Form 15G for PF withdrawal and your total income is below the taxable limit, then you will have to pay TDS at the rate of 10% on your interest income from PF withdrawal. You can claim a refund of this TDS by filing your income tax return, but it will take time and effort. Also, if you do not have a PAN, then the TDS rate will be higher at 20%.
How can I check the status of my Form 15G submission?
You can check the status of your Form 15G submission online through the EPFO portal or the Income Tax Department website. You can also contact your bank or EPFO office to know the status of your form.