Who Needs to Submit form 15G for PF (Know Your Eligibility)

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Not everyone needs to submit Form 15G. You are required to submit Form 15G only if you have more than ₹50,000 in your PF account and your total service period is less than five years. Otherwise, you do not need to submit Form 15G.

You Don’t Need to Submit Form 15G:

  1. If your total PF amount is below 50,000 rupees you don’t need to submit form 15G (Or)
  2. If your total service is above 5 years then also you don’t need to submit form 15G even if the PF amount is above 50,000 rupees

My Income is Above ₹2.5 Lakhs. Do I Need to Submit Form 15G?

If your income is above ₹2.5 lakhs, it is still advisable to submit Form 15G to avoid PF claim rejections. Simply mention your actual income in Field Number 17 of Form 15G, and EPFO will approve your claim.

Since your income exceeds the tax slab limit, you must file your Income Tax Return (ITR), and you have to pay the TDS while filing the ITR.

Understanding Tax Limits:

  • The maximum tax-free limit is ₹2.5 lakhs if you opt for the old tax regime.
  • If you opt for the new tax regime, the limit is ₹3 lakhs.
  • These calculations apply for the financial year 2024-2025 (until 31 March 2025).
  • For the financial year 2025-2026, the maximum limit under the new tax regime will increase to ₹12 lakhs.

What Happens If You Don’t Submit Form 15G?

  1. Case 1: 10% TDS will be deducted from your EPF amount.
  2. Case 2: If your PAN is not linked to your PF account, 34.608% TDS will be deducted.
  3. Case 3: In the absence of Form 15G, EPFO may reject your claim and ask you to reapply for PF withdrawal by submitting Form 15G.

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