The Provident Fund is a government-run retirement savings program for employees who can contribute a portion of their retirement fund on a monthly basis. And, Form 15G is a return that can be filled by fixed deposit holders (individuals below 60 years of age and HUF) to ensure that no TDS (tax deducted at source) is deducted from the income their profits in one year.
In case employees withdraw provident fund before completion of five years, Employees Provident Fund Organization (EPFO) has introduced Form 15G for PF withdrawal, which allows PF members to withdraw their PF in advance online without TDS deduction.
What is Model 15G?
The self-declaration form known as Form 15G for withdrawal from provident fund (PF) assures the applicants that no TDS (tax deducted at source) will be deducted from their funds if they withdraw money before the end of a particular financial year.
Eligible for Model 15G
Form 15G is an essential tool to reduce the TDS burden associated with PF withdrawal. Therefore, it is very important to determine the prerequisites for filing Form 15G and how false filing can lead to a fine or even imprisonment. Applicants should note the following important details and eligibility requirements before completing form 15G:
- Only individuals can furnish Form 15G and not any company or company.
- The individual needs to be a resident of India or HUF.
- Age must be 60 years or younger.
- The tax amount calculated on your total income including withdrawals from PF balance during the financial year will be nil.
- The information submitted in the form must be true, accurate and complete.
Steps to Download Form 15G Online
The Central Board of Direct Taxes has digitized the process of filing Form 15G (CBDT). Taxpayers simply need to download the form online, fill in the correct information and submit. To avoid TDS deduction, you can also fill and send a physical copy to the regional EPFO office.
Here is the process to download Form 15G online:
- You can download PF Withdrawal Form 15G from EPFO online portal.
- Click on “online services” and then go to “online inquiry” and fill in the required details.
- Verify the last four digits of the phone number and your PF withdrawal form will display.
- Look for the “download form 15G” option to download the form to your PC or mobile device.
- Fill out Part 1 of the form and convert it to PDF. Upload a PDF copy of the form while making an online claim.
Steps to fill out Form 15G
PF Withdrawal Form 15G is divided into two parts.
Part 1
Those who want to claim non-deduction of TDS on specific income will be discussed in this section. Such persons must fill Form PF 15G with the following important information:
- Name of person assessed according to registered documents.
- PAN card information
- Income tax status as individual, Hindu Undivided Family (HUF) or any trust.
- Residence status, address details, PIN code.
- Email ID and phone number.
- Tick the “yes” box if you have been taxed under the Income Tax Act, 1961 and mention the latest tax return assessment year.
- Details of estimated income are declared.
- Finally, enter details about investment interest income. To do this, enter your PF account number.
Part 2
Here, the form will be filled by the individual submitting TDS to the government on behalf of the tax recipient. This individual is also known as the deductor.
In case of false declaration while filing Form 15G, there will be heavy fines and imprisonment under Section 277 of the Income Tax Act, 1961.
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Source: pagasa.edu.vn