How to Download and Fill Form 15G for PF Withdrawal?

How to Download Form 15G for EPF Withdrawal Online?

Where can I Download Form 15G?

Form 15G is easily available online. You can download it from multiple sources. However, it is advised to download it from reliable sources to avoid any phishing or malware scams.

EPFO Portal

• If you happen to be an EPFO member, you may download Form 15G from the EPFO portal.
• Log in to your EPFO account; in the appropriate section, download the form.

Official Websites of Leading Banks:

A large number of leading banks in India also offer Form 15G through their official websites. You can visit your bank's website and search for "Forms" or "Downloads.".

How to Fill & Upload Form 15G for PF Withdrawal?

One can withdraw money from their PF account at the time of maturity, that is when the employee attains superannuation. They can also withdraw money when they leave one job and move on to another. EPF also offers the option for a partial withdrawal from your EPF account at times of emergencies.

With the current digital transformation, EPFO subscribers can apply for PF withdrawal online through their EPFO account. And while filling up the form for PF withdrawal, they can choose to submit Form 15G to avoid TDS on the withdrawal amount.

Here is a simple list of the steps involved in online withdrawal of PF amount and when to submit Form15G –

1. Login to the EPFO Portal using your UAN number and password.

2. From the top menu bar, choose ‘Online Services’ and under that click on ‘Claim’.

3. To verify your bank account, simply enter your account number and click on the 'Verify' button.

4. You will see the ‘Upload Form 15G’ option, where you can upload your duly filled and scanned copy of Form 15G.

Here is a sample of Form 15G that is available online. Use these guidelines to fill in the other sections of Form 15G

1. Name of the Assessee (Declarant) - Write your name exactly as it appears on your PAN card.

2. PAN of the Assessee - Enter your valid PAN card number. Ensure that the fourth letter of the PAN is ‘P’. If it’s not, your form will be invalid. Note: Only individuals can submit Form 15G; firms or companies are not eligible.

3. Status - Select ‘Individual’ to indicate your income tax status.

4. Previous Year - Choose the financial year for which you are claiming non-deduction of TDS.

5. Residential Status - Mark ‘Resident’. NRIs cannot submit Form 15G.

6. Address - Provide your current address. It’s best to use the address listed on your Aadhaar card along with your PIN code.

7. Email ID and Phone Number - Include a valid email address and phone number for any future correspondence.

8. (a) Whether assessed to tax under the Income-tax Act, 1961: Tick ‘Yes’ if you have filed an Income Tax Return (ITR) in any of the previous years.

(b) If yes, latest assessment year for which assessed: State the latest assessment year from your most recent ITR.

9. Estimated Income for which this declaration is made - Mention the estimated amount you plan to withdraw.

10. Estimated Total Income of the P.Y. in which income mentioned in column 16 to be included - Indicate your total estimated income for the financial year in which you will withdraw the PF amount.

11. Details of Form No. 15G other than this form filed during the previous year, if any: If you’ve filed other Form 15Gs during the financial year, list the number of forms and the total amount of income mentioned across all forms.

12. 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

Final Check: Before submitting, review all details to ensure accuracy and completeness.

When is TDS deducted on PF Withdrawals?

A key change on EPF interest income was introduced in Budget 2021; till that date, interest earned on your EPF was totally interest free. However, in the Budget 2021, it was proposed to tax the interest part of the employee's contribution exceeding Rs.2.5 lakhs in a year. Let’s see this in bit more details –

• Interest on employee contributions up to Rs.2.5 lakh in a year remains tax-free.
• Interest on employer contribution, including the government's contribution to EPF account of government employees is also tax-free.
• Interest on employee's contributions over Rs.2.5 lakh will be taxable as per the individual's income tax slab.

For this provision, EPFO shall maintain two accounts for every person from FY 2021-22:

• Nontaxable account: Contributions up to Rs.2.5 lakhs and interest accrued on the same should be included.
• Taxable account: Contributions above Rs.2.5 lakhs and the interest accrued on the same.

When is TDS Applicable on EPF Withdrawal?

In case an employee wants to withdraw an EPF amount of Rs. 50,000 or more, and has worked for less than 5 years, following TDS rules would apply:

• If the employee furnishes his PAN card but fails to furnish Form 15G/15H, TDS at a rate of 10% shall be deducted.
• If the PAN card is not submitted and Form 15G/15H is also not submitted, then in such cases, TDS shall be deducted at 20%.

When is TDS Not Applicable on EPF Withdrawal?

• When the EPF account is transferred to another account.
• When service is terminated due to causes beyond the control of the employee - like ill health, shutdown of business by the employer, project completion, etc.
• When PF is withdrawn post 5 years of service completion.
• When the amount being withdrawn is less than Rs.50,000 and the total no. of years of service is less than 5 years.
• If the withdrawal amount is more than Rs.50,000, and the employee has worked for less than 5 years, no TDS shall be deducted if he furnishes Form 15G/15H along with the PAN Card.

FAQs on Form 15G for PF Withdrawal: