What Is Form 15G For Provident Fund (PF) Withdrawal? (2024)

Form 15G for provident fund (PF) withdrawal is a self-declaration form which ensures the applicant that there will be no deduction of TDS (tax deduction at source), if they withdraw their provident fund before, in a given financial year.

As per the income tax rules, if an employee withdraws from the provident fund before completing five years with the current organization and withdraws more than INR 50,000, then TDS would be deducted. However, the Employees Provident Fund Organization (EPFO) has introduced Form 15G for PF withdrawal, which facilitates PF members to pre-withdraw their PF online without any TDS deduction.

So, what is this Form 15G, how to fill and submit this form and how is it helpful in avoiding TDS deductions? Learn all this in detail through this article on Form 15G for PF withdrawal.

How To Download PF Withdrawal Form 15G Online?

The process to submit Form 15G has been digitized by the Central Board of Direct Taxes (CBDT). All that a taxpayer needs to do is to download the form online and fill in the accurate details and submit it. However, you can also fill and submit a physical copy to EPFO regional office for non-deduction of TDS.

Following is the process to download Form 15G online:

• You can download PF Withdrawal Form 15G from the online portal of EPFO.
• Click on “online services” and then go to “online claim” and fill in the required details.
• Verify the last four digits of the phone number, and your PF withdrawal form will be visible.
• Search for the “upload Form 15G” option to get the form downloaded on your PC or mobile.
• Fill the Part 1 of the form and convert it into PDF. Upload the PDF copy of the form while making an online claim.

How To Fill PF Withdrawal Form 15G

It is important to note that PF Form 15G is divided into two different sections:

1. Section 1: This section refers to those individuals who want to claim for no TDS deduction on certain incomes. Such individuals are required to fill the PF Form 15G by providing these important details:

• Name of the assessee as per the registered documents.
• PAN card details
• Income tax status such as an individual, Hindu-Undivided Family (HUF) or any trust.
• Residential status, address details, PIN code.
• E-mail ID and phone number.
• Tick mark on “yes” if you have been assessed to tax under the Income Tax Act 1961 and mentioned the latest assessment year of returns.
• Details of estimated income for which declaration is made.
• Lastly, enter the details of investment interest income. For this, enter your PF account number.

2. Section 2: Here, the form is to be filled in by that individual who deposits the TDS to the government on behalf of the tax assessee. This individual is also known as the deductor.

Note: You do not need to submit PF Form 15G at the Income Tax Department. One can only submit it at the EPFO online portal

What Is The Eligibility Criteria For Submitting Form 15G?

Form 15G is a very essential tool, which helps to save the TDS burden with respect to PF withdrawal. Thus, it is very important to know what is the eligibility criteria for submitting form 15G and how providing a false declaration can lead to fine or even imprisonment. Following are the important details and eligibility criteria one must know before just filling the form 15G:

• Only individuals can furnish Form 15G, and not any firm or company.
• Individual needs to be a resident of India or a HUF.
• Age must be 60 years or less.
• The computed tax amount on your total income including PF balance withdrawal amount in a financial year should be nil.
• The information submitted in the form should be true, correct and complete.

What Are The Penalties For Filing False Declaration in Form 15G?

Any false declaration in Form 15G to avoid TDS results in heavy fines and imprisonment under Section 277 of the Income Tax Act, 1961. The following are the details of punishments:

• Imprisonment for a period of six months to seven years, if there is false declaration to evade tax of more than INR 1 Lakh.
• For other cases, the imprisonment is between three months to three years.

Important Points To Remember While Submitting Form 15G for PF Withdrawal

• Form 15G is applicable only for that particular financial year which means every year you need to fill a separate Form 15G. So, there will be no chances of TDS deduction.
• If you are a TDS deductor, then you will receive a Unique Identification Number or UIN from the income tax department. As a deductor, you must file a statement of Form 15G on a quarterly basis and must retain these forms for at least seven years.
• Ensure that you are less than 60 years of age.
• Always mention the correct assessment year and cross-check all the duly filled details.
• PAN card copy is required for the submission of the Form 15G.
• Do not forget to save your acknowledgement slip, post submitting the Form 15G.

TDS Application On PF Withdrawal Rules

While filing Form 15G for PF withdrawals, it is also important to know TDS rules related to PF withdrawals. As per rules, if the amount of withdrawal is more than or equal to INR 50,000 and if one has worked for less than five years in the same company, then this will attract TDS. 10% TDS is deducted if an employee is able to submit their PAN card. And on the other side, if an employee is not able to submit the PAN card, then TDS will be deducted at the rate of 34.61%.

However, TDS on PF withdrawals is not applicable in the following situations:

• If one transfers their own PF account to another account.
• Termination of service due to sudden health issues.
• If an employee withdraws the PF amount post five years of service completion.

Rashi Maheshwari is a former Deputy Editor for Forbes Advisor India.