If you are filling out form 15G for PF withdrawal in the financial year (previous year) 2024-2025, you will get some common doubts such as field no 16,17 and income details, etc. Here I have listed the most commonly asked questions and answers regarding Form 15G and EPF withdrawal.
1. How can I find out the available balance in the PF to fill in field 16 of Form 15G)?
In field no 16, you have to mention the PF amount that you are withdrawing, you can find this amount on the PF passbook portal.
Login to PF passbook portal → Go to Passbook → Check the Current Balance
Write that amount in the field no 16 of form 15G
2. If my income is above 10 Lakhs in a financial year, can I still submit Form 15G? If yes, what should I fill in in field no 17?
If your income is above 10 Lakhs in a financial year, you are not eligible to submit Form 15G because it is above the basic tax exemption limit of 2.5 Lakhs.
Even if you submit Form 15G now, EPFO will dismiss your Form 15G and deduct tax. In case they don’t deduct, you still have to pay the income tax on the PF amount while filing an ITR.
If you become jobless and don’t have any taxable income, then you can submit Form 15G. But in your case, you already made 10 Lakhs in a financial year. So, there is no need to fill out Form 15G and field no 17.
3. In column 16, should I include only the employee share + employer share, not the pension amount?
Yes, it is the employee + employer share, not the pension amount.
4. Do we need to only fill out the PDF form by hand, or can we type in the form and physically sign it?
We need to fill out a physical copy of Form 15G and scan the document (both 2 pages) after signing it.
5. Should I submit Form 15G if my PF amount is less than 20,000 and I have worked for 6 months?
Not required. Form 15G is required only if the total PF withdrawal amount is above 50,000 Rs.
6. What are the details that I need to enter for the Previous Year field if I resigned from my last job in September 2023 and have not worked since?
When filling out Form 15G, you should consider the current financial/previous year in which you are withdrawing, not the dates you left the job.
As today is 05 Aug 2024, and if you are filling Form 15G, then your previous year is 2024-2025.
7. Can I upload Form 15G if I have worked for 4 years and my PF amount is less than 5000?
You don’t need to submit Form 15G because your PF amount is less than 50,000 Rs.
8. Should I submit Form 15G if I have 9 years of experience and my PF contribution is more than 50,000?
You don’t need to submit Form 15G as your total service is above 5 years. No tax will be deducted from your PF claim amount.
9. Should I submit Form 15G if I have worked for a software company for 5 months and my PF amount is less than 50,000?
Not required. As your PF amount is less than 50,000 Rs.
10. Should I submit Form 15G if I have worked for 7 months and my PF amount is less than 20,000?
Not required. As your PF amount is less than 50,000 Rs.
11. If they deducted the TDS already, how do I claim that TDS back?
In case TDS is deducted mistakenly from your EPF amount, you have to file an ITR to get it back.
For that, you have to show all your income and expenses in the ITR, and the balance TDS amount will be refunded to you.
12. In the 16th point, should I include the total amount with interest or only the EPF amount deducted from the company and employee? What amount should be filled in the 16th point if the actual + interest amount is 40,000 + 5,000? For the 17th point, should I include the FY gross + PF amount if the employee falls under the tax slab?
You should include the total EPF amount from the company and employee plus interest as well in field no 16.
In your case, it should be 45,000. If you are under the tax slab, you are not eligible to fill Form 15G unless you use all the exemptions in the income tax and bring your income below the basic exemption limit of 2.5 Lakhs. In that case, you can get a refund of TDS while filing an ITR.
13. Do I have to submit Form 15G if I have worked for 6 years and my amount is more than 50,000?
As your service is above 6 years you don’t need to submit form 15G.
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