How To Download Form 15g For Pf Withdrawal

  • Author :
  • TATA AIG Team
  • Published on :
  • 14/03/2024

Employee provident fund is a fund created for the welfare of employees, and both employees and employers contribute towards this fund on a monthly basis. As the employee nears their retirement from the current employee, they have the right to withdraw this fund as per their requirements.

However, withdrawal of PF can attract a TDS deduction if it exceeds the prescribed limit of ₹50,000 in a year. But by using Form 15G for PF withdrawal you can exempt this tax deduction on your PF amount under the prescribed limit.

Let us understand more about the 15G form, how to download it, fill it out, and submit it online.

What is 15G Form Meaning?

Simply put, Form 15G for PF withdrawal is a declaration form that needs to be filled by individuals below the age of 60 years and Hindu Undivided Families (HUFs).

The reason behind filling out this form is to avoid any TDS deductions from the interest earned on investment instruments like FDs, RDs and EPFs.

For people who are above the age of 60 years, they need to fill out Form 15H.

Read About: What is Form 15H in Income Tax?

How to Download Form 15G for PF Withdrawal?

Step 1: Visit the official Income Tax Department website.

Step 2: On the homepage, hover over the “Tax Laws & Rules” tab and select the “Income Tax Forms” option under it.

Step 3: Scroll down the page, and you will see Form 15G for PF withdrawal download option in PDF and fillable form.

Step 4: Download the form in PDF form.

How to Fill a 15G Form for Income Tax?

The 15G form for income tax is divided into two parts: part 1 and part 2. You only need to fill out part 1 of the form. Here are the details requested in the form:

Name of Assessee (Declarant): Fill in your name as per PAN card only.

PAN of the Assessee: Form 15G for PF withdrawal must be filled only by an individual. Thus, PAN details should be of the same person.

Status: Fill in your individual income tax status.

Previous Year: You need to mention the financial year for which you are claiming TDS exemption.

Residential Status: In this column, you need to write “Resident” as NRIs cannot file form 15G.

Address: Mention your address. It is suggested to mention the same address as on your Aadhar card along with your PIN code.

Email ID and Phone Number: Provide your valid email address and phone number for communication purposes.

(a) Whether assessed to tax under the Income-tax Act, 1961: You need to select “Yes” if you have filed your income tax return in any of the last few years.

(b) If yes, the latest assessment year for which was assessed:** You need to mention the latest assessment year for which you have filed the income tax return.

Estimated income for which this declaration is made: Mention your estimated withdrawal amount in this column.

Estimated total income of the P.Y. in which income is mentioned in column 16 to be included: Mention the total estimated yearly income of the same financial year in which you plan to withdraw your PF.

Details of Form No. 15G other than this form filed during the previous year, if any: If you have filled multiple Form 15G in that financial year, then you need to mention the total number and total income amount of all these forms filled. Calculate all the amounts you filed in the field (16) of all the forms.

Details of income for which the declaration is filed: Here, you need to fill the column with the following details:

  • Investment identification number

  • Nature of income

  • Section under which tax is deductible

  • Amount of income

How to Submit Form 15G for PF Withdrawal?

You can submit your filled Form 15G for PF withdrawal online by following these steps:

Step 1: Go to the official website of EPFO India.

Step 2: On the homepage, hover over the “Services” tab and then click on the “For Employees” option.

Step 3: Next, on the page loaded, scroll down and click on the “Member UAN/Online Service (OCS/OTCP)” option

Step 4: From here, you will be redirected to the EPFO UAN Portal; here, you need to log in using your UAN number.

Step 5: Once logged in, select “Online Services” and then select the “Claim” option.

Step 6: Enter your bank details and then click on “Verify”.

Step 7: Next, click on “Upload Form 15G” to upload your form.

Is 15G Form EPFO Mandatory for PF Withdrawal?

No, 15G form download and filling is not mandatory if your total PF withdrawal amount is less than ₹50,000. However, if your withdrawal amount exceeds this limit, then as per Section 192A of the Finance Act 2015, you need to pay TDS deductions.

Moreover, there are specific rules for TDS deductions related to PDF withdrawal. These rules are:

  • 10% TDS deduction if you submit the correct PAN details but fail to submit Form 15G

  • 30% TDS deduction if you fail to submit both your PAN details and Form 15G

  • 0 TDS deduction if you submit Form 15G with all valid details

When is TDS Not Applicable on PF Withdrawal?

These are conditions under which the Income Tax Department deducts no TDS:

  • Transfer of provident fund (PF) from one account to another PF account

  • If an employee withdraws PF after 5 years

  • Termination of service due to the ill health of the member, discontinuation of business by the employer, completion of the project, and other causes beyond the control of the member

  • If the PF payment is less than ₹50,000 but the member has rendered services for less than 5 years

  • If an employee withdraws an amount of more than or equal to ₹50,000 with less than 5 years of services but submits Form 15G/15H

Tax Savings with Tata AIG Health Insurance Plan

Availing tax benefits using various forms like 15G is a government-approved method to decrease your tax liabilities. Another tax-saving instrument that you can use is buying medical insurance for yourself. Under Section 80D of Income Tax, you can avail of tax benefits of up to ₹25,000 through a regular health insurance plan.

However, medical insurance is not only beneficial for tax exemptions but also provides medical protection against critical illness and medical emergencies.

With Tata AIG health insurance, you get both medical and tax benefits. Our health insurance policy includes features like ambulance expense coverage, pre-existing illness coverage, and OPD cover.

Moreover, with our cashless medical insurance, you can get medical services at your preferred hospital without paying a dime from your pocket.

Summing Up

Form 15G is the government’s way to help limited-income salaried individuals reduce their tax burden. However, using this form requires the proper knowledge of Form 15G and the steps for Form 15G for PF withdrawal download, filling, and submission. With the pointers mentioned here, you can now do this all on your own.

FAQS

Can I fill out part 2 of Form 15G?

No, part 2 of Form 15G must be filled by a financer or bank authority personnel. You just have to fill in part 1 of the form.

Who is not eligible for 15G?

Only residents of India who are below the age of 60 years are eligible to fill out form 15G to avail of TDS exemption on their PF withdrawals. No NRI or people above the age of 60 years can fill out the form.

Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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