Form 15G for PF Claim 2024 | How to submit form 15g for pf withdrawal | Form 15G kaise bhare 2024

This Video is About Complete Information of what is FORM-15G, how to fillcomplete, when to use it, benifits of filling Form 15G, Download Form 15G is mandatory if you don't want TDS to be deducted from the PF withdrawal amount. Section 192A of the Finance Act 2015 states that PF withdrawal will attract TDS if the withdrawal amount is more than Rs.50,000 and your employment tenure is of less than 5 years.

Employee Provident Fund is a fund meant for the welfare of employees where 12% of the employee’s basic salary and dearness allowance is contributed to the fund account every month. The employer also contributes an equal amount.

You can withdraw this PF balance as per the PF withdrawal rules. However, if the amount you withdraw is more than Rs. 50,000 in a year, the government will deduct some tax called TDS (Tax Deducted at Source). under section 192A of the Income Tax Act. So, you will receive only the balance amount after the tax is deducted.

However, you can make sure that there are no TDS deductions on your PF withdrawal amount by filling out Form 15G if your income is below the taxable limit. To learn more on this matter, please read on.
What is Form 15G?

Form 15G or EPF Form 15G is a document people submit to ensure no TDS is deducted on the interest you earn from your EPF, RD or FD. This form can be filled out by individuals below 60 years of age and Hindu Undivided Families (HUFs). For individuals aged 60 years and above have a different form- Form 15H.

In this article we will explain Form 15G thoroughly. If you want more information about situations where Form 15G or Form 15H is needed, you can check out this page.
Is Form 15G mandatory for PF withdrawal?

Yes, Form 15G is mandatory if you don't want TDS to be deducted from the PF withdrawal amount. Section 192A of the Finance Act 2015 states that PF withdrawal will attract TDS if the withdrawal amount is more than Rs.50,000 and your employment tenure is of less than 5 years.

Keeping these above conditions in view, these are the PF withdrawal rules that will be applicable:

10% TDS: if you submit your PAN card but fail to submit Form 15G
30% TDS: if you fail to submit both your PAN card and Form 15G
No TDS if you submit Form 15G.

How to fill Form 15G for PF withdrawal?
You are required to fill out only Part I of Form 15G for PF withdrawal. Follow these instructions to fill up the other fields in Form 15G:
Name of the Assessee (Declarant) – Name must be as per your PAN Card
PAN of the Assessee: Form 15G can be submitted only by an individual and not by any firm or company. Enter your valid PAN card number and make sure the fourth letter of the PAN card number is ‘P’ otherwise your declaration will be treated as invalid.
Status: Your applicable income tax status ,i.e Individual in this case.
Previous Year: You have to select the financial year in which you are claiming the non-deduction of TDS.
Residential Status: Mention ‘Resident’ as your residential status because NRI is not allowed to submit Form 15G.
Address: Mention your address, preferably the one mentioned in the Aadhaar card along with your PIN code.
Email ID and phone number: Provide a valid email ID and your contact number for further communications.
(a) Whether assessed to tax under the Income-tax Act, 1961: Place a tick in the ‘’Yes’’ box if you filed an ITR in any of the last few years.
(b) If yes, latest assessment year for which assessed: Look at the assessment year from the latest ITR and mention the same.
Estimated income for which this declaration is made: In this field, mention the estimated withdrawal amount.
Estimated total income of the P.Y. in which income mentioned in column

According to section 192A of the Finance Act, 2015, EPF withdrawal will attract TDS (Tax Deducted at Source) if the withdrawal amount is more than Rs.50,000 and you worked for less than 5 years. One can also use Form 15H to fill the TDS exemption, the only difference is Form 15G is for those who are below 60 years of age, whereas Form 15H is for those whose age is more than 60 years.

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