Yes, you can submit Form 15G even if your annual income is above 2.5 lakhs. However, the EPFO will make the final decision to deduct TDS. In general, if the income of the EPF member is above 2.5 lakhs, then 10% TDS will be deducted. (If the PAN is not linked to the PF account, then the TDS will be 34.608%, though this happens rarely.)
The reason for submitting Form 15G is that even if your income is above the tax slab limit, EPFO may sometimes reject claims if they see that the maximum EPF amount is above ₹50,000 but the service period is below five years. To avoid such rejection, it is better to submit Form 15G while claiming PF with your actual annual income.
In case, by the end of the financial year, your net taxable income is below the taxable limit, you can claim a TDS refund by filing an ITR.
Remember:
- ₹2.5 lakhs is the maximum limit if you are opting for the old tax regime in FY 2024-25.
- ₹3 lakhs is the maximum limit if you are opting for the new tax regime in FY 2024-25.
FAQs
Login to the UAN member portal, go to the “Manage” option in the menu bar, and click on “KYC”, now you will see KYC linked to your EPF account. If PAN is not linked you have to link it.
You can find that option to link your PAN to your PF account on the UAN member portal website, under the Manage option —> KYC.
Submitting Form 15G does not guarantee that TDS will not be deducted. If your net taxable income exceeds the prescribed limit or if your PF claim amount is not eligible for TDS exemption, TDS will still be deducted from your PF claim amount.
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