You don’t need to submit form 15G after 5 years of service, because after 5 years EPF withdrawal become tax free. In general if your PF balance is 50,000 or above, form 15G is required, but if the service is > 5 years, form 15G is not required.
Ex: I have 1 Lakh in PF account, and my service is above 5 years, should I submit form 15G or not
Answer: No, form 15G not required.
When to Submit Form 15G
Form 15G is required when the total PF withdrawal amount is above 50,000 Rs but service of the employee is less than 5 years.
To understand this simply:
- Check how much balance is in your PF account (passbook) in employee and employer share if it is above 50,000 Rs then calculate your service.
- If your service is above 5 years don’t submit form 15G ❌
- If your service is below 5 years submit form 15G ✔︎
I worked in Multiple Companies Will all those Years Considered During PF Withdrawal
Yes, all those years will be considered but only when your apply for PF transfer from one company ot another. You can check your total service in the service history option of the UAN member portal.
What Happens When You Withdraw PF After 5 Years?
As per PF rules after 5 years, no TDS will be deducted from your PF withdrawal amount.
What about pension Withdrawal?
Pension amount in PF is TDS free, you don’t need to submit form 15G for pension withdrawal.
Can You Transfer Your PF After 5 Years of Service?
Yes, you can transfer your PF after 5 years to the new company where you will join. It is recommended to transfer to get sufficient PF balance at the time of your retirement and you will also receive the monthly pension if your total service is above 10 years.
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