Field No. 17 on Form 15G often confuses EPF members when withdrawing their EPF amount. In simple terms, “estimated total income of the PY in which income mentioned in column 16 is to be included” means your estimated annual income plus the PF amount you are withdrawing.
For example, if your estimated annual income is ₹1,60,000 and you have ₹75,000 in your PF account, then you need to write ₹2,35,000 (₹1,60,000 + ₹75,000) in Field No. 17.
Simple Way to Calculate Your Estimated Total Income in PY
PY (Previous Year) refers to the Financial Year (FY), which starts on 1st April and ends on 31st March of the following year.
For example, the financial year 2024-25 starts on 1st April 2024 and ends on 31st March 2025.
Now, to calculate your total income for the PY, sum up your monthly earnings until you leave your job. Your income may include:
- Salary
- Rental income
- Interest from deposits, etc.
For example, if an employee with a PF balance of ₹75,000 worked until August 2024 and left the job, they can apply for PF withdrawal two months after his last working date.
If his monthly income is as follows:
| Month | Estimated Monthly Income (₹) |
|---|---|
| April 2024 | 30,000 |
| May 2024 | 30,000 |
| June 2024 | 30,000 |
| July 2024 | 30,000 |
| August 2024 | 40,000 |
| September 2024 – March 2025 | – |
| Total Estimated Income | 1,60,000 |
- Field 16: ₹75,000
- Field 17: ₹2,35,000 (Because ₹1,60,000 + ₹75,000)
FAQs
The maximum total income limit to submit Form 15G for PF depends on the tax regime you choose:
Old tax regime: ₹2,50,000
New tax regime: ₹3,00,000
For example, if your total income is 4 Lakhs and you believe your net taxable income is below ₹2.5 lakhs after using allowances, you can submit Form 15G by mentioning 4 Lakhs as total income. However, you must also file an Income Tax Return (ITR) to declare your allowances and bring your net taxable income below ₹2.5 lakhs.
In that case, calculate your total income for the remaining months. If your total income for that financial year exceeds the taxable limit, you must file an ITR and pay any balance TDS amount, if applicable. (The balance income tax amount will be displayed on the IT portal.)
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