The Employee Provident Fund (EPF) is a welfare scheme where both employees and employers contribute monthly. Employees can withdraw accumulated funds upon retirement or when they leave their current job. To avoid TDS on the PF withdrawal amount, submitting Form 15G is necessary. Employees who want to withdraw their Provident Fund (PF) contributions before completing five years of service often face TDS (Tax* Deducted at Source), even if their income is below the taxable limit. To learn how to download Form 15G for PF withdrawal online, continue reading this blog.
What is Form 15G?
Form 15G is a declaration form used when your income is below the tax* exemption limit. You can submit this form not only for PF withdrawal but also to get tax exemption on interest earned from other investments like fixed deposits (FD) and recurring deposits (RD). It helps you avoid TDS on your EPF or PF earnings.
If your EPF amount is less than ₹50,000, you may not need to submit Form 15G. Withdrawals above ₹50,000 are subject to TDS, and you will receive the amount after tax* deduction as per Section 192A of the Income Tax Act. By submitting Form 15G for PF withdrawal, you declare that your total income, including salary and EPF interest, is below the taxable limit.
Note: Senior Citizens need to submit Form 15H in place of 15G. So, if you are a senior citizen, consider 15H for all uses of 15G mentioned here.
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Where to Download Form 15G?
You can download form 15g for pf withdrawal download from the following sources:
EPFO Portal: The form is available through a direct download link on the official EPFO website.
Income Tax Department Website: The form can be downloaded free of cost from the official Income Tax website.
Bank Websites: Major Indian banks provide Form 15G for download on their official websites.
Is form 15G mandatory for EPF withdrawal?
Form 15G is not mandatory for withdrawing your Provident Fund (PF). However, it is required if you want to avoid TDS on the withdrawal amount.
According to Section 192A of the Finance Act, 2015, TDS is applicable on PF withdrawals under certain conditions. TDS at the rate of 10% will be deducted if the PF withdrawal amount exceeds ₹50,000 and the total service period is less than 5 years.
PF withdrawal: TDS rules
10% TDS: If you submit your PAN but do not submit Form 15G.
20% TDS: If you do not submit PAN and Form 15G.
No TDS: If you submit Form 15G (subject to eligibility).
How to submit form 15G online for PF withdrawal?
You can submit Form 15G online easily through the EPFO portal. Follow the steps below:
Step 1: Log in to the EPFO UAN portal
Visit the official EPFO UAN portal and log in using your Universal Account Number (UAN) and password.
Step 2: Go to 'online services'
After logging in, go to the dashboard, click on ‘online services’, and then select ‘claim’.
Step 3: Verify your bank details
Enter your bank account number and click on ‘verify’ to confirm that the bank details are correct.
Step 4: Upload form 15G
In the section titled ‘I want to apply for’, click on the option to upload Form 15G.
This completes the online submission process for Form 15G.
Steps to Fill up Form 15G for PF Withdrawal
Form 15G (Source)
Form 15G consists of two parts: Part 1 and Part 2. For EPF withdrawals, you only need to fill out Part 1. Below is how to complete the form, with the field name followed by the information you should provide:
Name of the assessee (Declarant): Enter your name exactly as on your PAN card.
PAN of the assessee: Since Form 15G can only be submitted by an individual, enter your valid PAN card number.
Status: Select your income tax* status as ‘individual’.
Previous year: Mention the financial year for which you are claiming the TDS exemption.
Residential status: NRIs cannot submit Form 15G, so select ‘Resident’.
Address: Provide your full address along with the PIN code. If applicable, use the address as per your Aadhaar card.
Email ID and phone number: Enter a valid email address and phone number for communication.
Whether assessed to tax* under the Income-tax Act, 1961: Tick ‘Yes’ if you have filed an income tax return in recent years.
If yes, latest assessment year for which assessed: Specify the most recent assessment year you filed your ITR for.
Estimated income for which this declaration is made: Enter the estimated withdrawal amount.
Estimated total income of the previous year in which income mentioned in column 16 is included: Enter your estimated total income for the financial year of withdrawal.
Details of Form No. 15G other than this form filed during the previous year, if any: If you have submitted multiple Form 15Gs in that financial year, mention the total number and the total income declared in all these forms (sum of amounts in field 16).
Details of income for which the declaration is filed: Provide the following details:
Investment identification number
Nature of income
Section under which tax* is deductible
Amount of income
After completing the form, carefully review all details before submitting..
How much of PF interest is tax-free?
Interest earned on EPF contributions up to ₹2.5 lakh per year is tax-free. If the contribution exceeds ₹2.5 lakh in a financial year, the interest earned on the excess amount is taxable and will be added to the employee’s income each year. However, it is important to note that providing false information in Form 15G to avoid tax* deduction is a serious offence. As per Section 277 of the Income Tax Act, this can lead to penalties, including fines or imprisonment.
Is TDS applicable on EPF withdrawal?
According to Section 192A of the Finance Act, 2015, TDS is applicable to EPF withdrawals. If you withdraw your PF amount before completing 5 years of service, a 10% TDS will be deducted from the withdrawal amount.
However, there are two exceptions:
If the withdrawal amount is less than ₹50,000, no TDS will be deducted.
If your PAN is not updated in the PF account, a higher TDS of 30% will be deducted instead of 10%.
If your annual income is below the taxable limit, you can submit Form 15G for PF withdrawal to avoid TDS deduction. In some cases, TDS does not apply to PF withdrawal.
When is TDS not applicable on EPF withdrawal?
TDS is not always applicable to EPF withdrawals. Here are the cases when TDS is not deducted:
EPF Transfer: When transferring your EPF balance to another account, no TDS is deducted.
Termination due to illness or other reasons: If your service ends due to ill health, employer’s business closure, project completion, or other reasons beyond your control, TDS is not applicable.
Completion of 5 years of service: If you withdraw your EPF after completing 5 years of service, no TDS is charged.
Withdrawal below ₹50,000: If your EPF withdrawal is less than ₹50,000 and you have worked for less than 5 years, TDS is not deducted.
Submission of Form 15G/15H with PAN: If you withdraw ₹50,000 or more before completing 5 years but submit Form 15G or 15H along with your PAN card, TDS will not be deducted.
Conclusion
Form 15G is quite useful for individuals planning to withdraw their PF before completing five years of service, especially when their total income is below the taxable limit. It helps avoid TDS deductions and ensures you receive your full withdrawal amount. Make sure to meet the eligibility criteria, fill out the form accurately, and submit it through the EPFO portal or offline. Submitting correct details helps avoid delays or penalties and receive the PF amount to meet your needs.
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