By submitting form 15G EPF members can avoid TDS when they are claiming a PF amount of 50000 Rs or above in below 5 yrs of total service. If EPF members fail to submit Form 15G then 34.6% tax will deduct from their PF claim amount or sometimes EPF officials will reject the EPF claim. EPF members whose age is below 60 years need to submit Form 15G and for above 60 years form 15H is required.
Tax deduction situations during PF withdrawal
|If the employee submits both PAN and 15G||No tax deduction|
|If the employee submits only PAN||TDS 10%|
|If the employee doesn’t submit PAN also||TDS 34.6%|
Sample Filled Form 15G for PF Withdrawal in 2020
Filled Form 15G Part 1
Filled Form 15G Part 2
How to fill form 15G for PF withdrawal in 2020:
|Field 1||Name of assessee||Write the name of the person who is submitting form 15G.|
|Field 2||PAN of the assessee||Write your PAN number|
|Field 3||Status||Mention Individual or HUF (Hindu Undivided Family) if applicable|
|Field 4||Previous year||If you are submitting form 15G form before 31 March 2020, then the previous year will be 2019-20 & assessment year is 2020-21.|
|Field 5||Residential status||Indian|
|Fields 6 – 12||Address||Here write your address details|
|Field 13||Email id||Write your email id.|
|Field 14||Mobile number||Write your mobile number|
|Field 15 part(a)||Already assessed or not||If you filed income tax returns under income tax act 1971 then tick Yes otherwise tick No|
|Part (b)||Assessment year||Mention the year followed by the previous year|
|Field 16||Estimated total income of the p.y. in which income mentioned in column 16 to be included||Mention the estimated income, for example, if you are withdrawing a PF amount of 60,000 Rs then mention 60,000 as estimated income. (Don’t need to mention the exact amount)|
|Field 17||Estimated total income of PY||Mention your total annual income for the previous year. This should be the income mentioned in form 16. (Don’t get confused, just mention your previous year total income)|
|Field 18||Total number of Form 15Gs filed||If you have submitted any form 15Gs previously, then mention how many forms 15Gs you have submitted earlier, otherwise leave it blank.|
|The aggregate amount of income for which form 15G submitted||If you submitted form 15Gs previously then mention the total amount for which you submitted form 15Gs, otherwise leave it blank.|
|Field 19||Details of the income for which declaration is made|
|Sl no||Write serial number|
|Identification number of relevant investment or account||For PF withdrawal you can leave this field blank or you can mention your UAN(If you don’t fill this field, then it will be filled by PF officials). For FDs write your Fixed deposit account number.|
|Nature of income||Mention whether it is FD, or EPF, dividends, or interest on securities etc.|
|The section under which tax is deductible||You can find sections in below table. If you don’t know the sections you can leave it blank. It is not a problem.|
|Amount of income||Mention the amount of income for which you are submitting form 15G.|
Sample Filled Form 15H in 2020
Filled Form 15H Part 1
Filled Form 15 H Part 2
How To Submit Form 15G & 15H Online For PF Withdrawal
- Now EPF members can upload form 15G and form 15H online at UAN member portal while applying for the PF claim. Here is the step by step process on uploading form 15G and 15H for online PF claims.
- While applying PF amount online at UAN member portal we will get the following message…
“Dear member, As your service is less than five years and your verified PAN details are not available under the unified PF portal. Income tax at the highest slab of 34.6% is liable to be deducted if your settlement amount crosses Rs. 50000/-. You are advised to update your PAN details before filling for the online claim and also check your balance before proceeding to submit PF settlement claim.”
- EPF members who select form 19 i.e PF amount withdrawal in the UAN member portal will get an option to upload form 15G. You don’t need to submit form 15G for pension amount withdrawal i.e form 10C amount.
- To upload form 15G in the member portal, first, download form 15G here and fill it with blue or black ball pen and scan it and save the document in PDF format, and size should be less than 1 MB. Now upload this form 15G in the UAN member portal.
- But remember to upload form 15G your PAN number must be linked with your UAN number otherwise UAN portal will not accept the form 15G and you will get the following message that “Verified PAN not available cannot upload form 15G”.
- In this case, you need to submit 2 copies of form 15G and 1 copy of your PAN card to your regional EPF office, within 1 or 2 days after applying for the online claim, then no tax will deduct from your PF claim amount.
Other Useful Information Regarding Form 15G and PF
Who is eligible to submit form 15G for PF Withdrawal
If your annual income is below the tax exemption limit ( for the financial year 2019-20 the exemption limit is 2,50,000 Rs for individuals with below 60 yrs of age, and 3,00,000 Rs for individuals with age between 60-80 yrs and 5,00,000 Rs for the individual with above 80 yrs of age).
The TDS deducted from your PF withdrawal then it will be shown in your form 26 AS.
Will service period in multiple companies consider for PF Withdrawal
Yes, if employees work in multiple companies and transfer PF contributions every time when they join in a new job then all service periods will be merged. Even though the employees have a gaps in their jobs still when they join in new job and transfer their PF, then their old service period will be merged with present service period.