Form 15G: How To Fill Form 15G For PF Withdrawal

What is Form 15G?

Form 15G is a self-declaration form that helps individuals and Hindu Undivided Families (HUFs) avoid Tax Deducted at Source (TDS) on interest income, EPF withdrawals, and other eligible earnings when the total income is below the taxable limit.

This form is mainly submitted by fixed deposit holders, EPF members, and those who are earning interest income from banks or financial institutions. It ensures that no TDS is deducted from their income, provided they are eligible for this.

Who Can Submit Form 15G?

To submit Form 15G, an individual must be eligible under the following conditions:

• Must be a resident Indian.
• All applicants should not exceed 60 years of age; for above 60 years of age, they are supposed to use Form 15H.
• The total income liable for taxation needs to be less than the basic exemption limit according to the Income Tax Act.
• The total interest income for the financial year needs to be below the prescribed threshold.

When to Use Form 15G?

Form 15G is used in various financial scenarios to avoid unnecessary TDS deductions:

1. Fixed Deposits & Recurring Deposits: Banks deduct TDS on FD and RD interest if it crosses ₹40,000 (₹50,000 for senior citizens). Form 15G prevents this deduction if income is below the tax limit.
2. EPF Withdrawals: The TDS would be applicable for an employee, if he/ she withdraws more than ₹50,000 from the Provident Fund before completing 5 years of service. But it can be saved by submitting the Form 15G along with a PAN card.
3. Corporate Bonds & Post Office Deposits: Income from bonds and post office savings schemes can attract TDS which can be saved by submitting the Form 15G.
4. Income of Rent and Policy Matures – TDS from the Income of Rent as well as payouts for matured policy can be waived by way of Form 15G at some places.

TDS on EPF Withdrawal

EPF TDS is allowed through Section 192A, Finance Act of the year 2015 only subject to some rules and provisions under which:

• TDS at 10%: When the amount of withdrawal is ₹50,000 or more and the employee has not completed 5 years of service but has submitted a PAN card.
• TDS at 34.60%: When the amount of withdrawal is ₹50,000 or more and the employee has not completed 5 years of service and hasn’t furnished PAN card.

What Situations Doesn’t TDS Apply to EPF Withdrawal?

• When the transfer of EPF balance is made instead of withdrawal
• Terminated service due to serious sickness, employer closure or any other uncontrolled reasons.
• An employee completes 5 years of continuous service.
• Withdrawable sum is less than ₹50,000
• Where Form 15G accompanying with the PAN Card is submitted with a sum withdrawn above ₹50,000 but the service tenure is less than 5 years.

How to Download Form 15G?

Form 15G can be downloaded easily from various sources:

• Income Tax Department Website: The official website allows downloading the PDF version.
• EPFO Unified Portal: Employees can submit Form 15G for PF withdrawal.
• Bank Websites: Most leading banks offer Form 15G for interest income-related exemptions.

How to Fill Form 15G For PF Withdrawal?

Form 15G is filed with accuracy with regard to the information filed to have a valid declaration. The form contains two parts: 

Part 1: To be filled by the declarant (Applicant)

1. Name of the Assessee – Name of Applicant as per PAN card.

2. PAN of the Assessee – Write PAN number of Applicant here, an incorrectly mentioned PAN makes the declaration invalid.

3. Status – Individual or HUF(Hindu United Family).

4. Previous Year – Enter the current Financial Year 2024-25 in case you are filling form between April 2024 to Mar 2025 for non-deduction of TDS

5. Residential Status – Only residents are eligible(NRI’s are not eligible to fill Form 15G).

6 to 12. Address & Contact Details – Write complete address

13. Email Address – Email address of applicant

14. Telephone Number – Mobile Number of Applicant

15. Whether accessed to tax under the Income Tax Act, 1961– Tick Yes if you have taxable income in any of the previous 6 financial years also mention the Assessment Year where the income was taxable(AY 2023-24), otherwise Tick No

16. Estimated Income for which this declaration is made – Enter the amount for which withdrawal is made(Only PF Amount, Pension Amount Not Included). For example, we have Rs 61799 total PF account

17. Estimated total income of the P.Y in which income mentioned in column 16 to be included – State the total income for the current financial year from all sources including PF Withdrawal amount.(Income from salary in current year +Rs 61799)

18. Details of Form No 15G other than this form filed during the previous year, if any- Fill in the details of Form15G submitted anywhere else, like if you have FD in any bank and submitted form 15G there.

19. Identification number of relevant/investment account etc. – Enter UAN Number Here, Section Under which tax is deductible- 192A, Amount of Income – (PF Income – Rs 61799)

In the declaration, fill the Name, Date Place, and Sign the document. After successfully filling the form scan the document and upload it while filling the PF withdrawal form online.

Part 2: To be filled by the deductor

This section is finalized by the individual who deducts tax at source, say bank, EPFO, or a financial institution, etc.

Form 15G Validity

• For Only One Financial Year: The validity of Form 15G is for the only financial year during which the form is submitted.
• Must Be Resubmitted Each Financial Year: In case the conditions for exemption persist, the individual has to resubmit the form every year at the commencement of a financial year.

Penalties for False Declaration
Submit false declaration in Form 15G to avoid TDS under Section 277 of the Income Tax Act, 1961 which includes:

• Fine: That amount of penalty for false declaration.
• Imprisonment: In the worst cases, it can be a jail term up to seven years.

Conclusion: Why Form 15G is Important?

Form 15G is a useful tool for individuals with low taxable income to prevent unnecessary tax deductions. Whether it’s for fixed deposits, EPF withdrawals, or other interest earnings, proper filing of Form 15G can help maximize your income without TDS deductions. However, it’s crucial to ensure eligibility before submission to avoid legal consequences.

By following the right procedure and submitting the form within the correct time, an individual can experience hassle-free finance and remain in line with the tax regulations.