How to Download EPF Form 15G : EPF Form 15G for reduction in TDS burden can be downloaded for free from the website of all major banks in India. However, this form can also be downloaded from the Income Tax Department website.
How to Fill EPF Form 15G for PF Withdrawal
Now that you have an idea about the TDS rules that are applicable to EPF and also what is Form 15G or 15H, let’s move on and understand the process of how to fill Form 15G for online EPF withdrawal.
- Login to EPFO UAN Unified Portal for members.
- Click on the ONLINE SERVICES option – Claim (Form 31, 19, 10C).
- Verify the last 4 digits of your bank account
- Below the option, ‘I want to apply for’, click on Upload form 15G as depicted in the image
Eligibility Criteria for Submitting EPF Form 15G
One must fulfill the following eligibility criteria to submit EPF Form 15G:
- You are an Individual or a person (other than company or a firm).
- You must be a resident Indian for the applicable FY
- Your age should not be more than 60 years
- Tax liability calculated on the total taxable income for the FY is zero
- Your total interest income for the financial year is less than the basic exemption limit.
Key Features of EPF Form 15G
The following are key features of EPF Form 15G:
- EPF Form 15G is a self-declaration form for seeking non-deduction of TDS on specific income as annual income of the tax assessee is less than the exemption limit.
- The rules for this specific self-declaration form are mentioned under the provisions of Section 197A of the Income Tax Act, 1961.
- The structure of EPF Form 15G has undergone considerable change in 2015 to ease the compliance burden and cost for both tax deductor and tax deductee.
- The current format of EPF Form 15G and Form 15H (the senior citizens variant for EPF Form 15G) introduced by CBDT (Central Board of Direct Taxes)
- EPF Form 15G can be submitted by individuals below the age of 60 years. Any individual above 60 years falls in the category of senior citizens.
- Form 15H, though similar in many ways to EPF Form 15G, can only be utilized by senior citizens.
- To avail the benefit, this declaration needs to be submitted in the first quarter of the financial year in case of existing investments. However, for new investments EPF Form 15G can be submitted before interest is credited for the first time.
Instructions to fill out EPF Form 15G
EPF Form 15G has two sections. First part is for the individual who wants to claim no-deduction of TDS on certain incomes. The following are the key details you need to fill out in the first portion of EPF Form 15G:
- Name as mentioned on your PAN Card.
- Permanent Account Number. Valid PAN card is mandatory to file EPF Form 15G. If you fail to furnish valid PAN details, your declaration will be treated as invalid.
- Declaration in EPF Form 15G can be furnished by an individual but not by a firm or company.
- Previous year has to be selected as the financial year for which you are claiming non-deduction of TDS.
- Mention your residential status as resident individual because NRI are not allowed to submit EPF Form 15G.
- Mention your communication address correctly along with PIN code.
- Provide valid email ID and contact number for further communications.
- Tick mark ‘’Yes’’, if you were assessed to tax under the provisions of Income Tax Act, 1961 for any of the previous assessment years.
- Mention the latest assessment year for which your returns were assessed.
- Estimated income for which you are making declaration needs to be mentioned
- Total estimated income for the financial year (which includes all the income)
- If you have already filed EPF Form 15G anytime during the financial year, then the details of previous declaration along with aggregate amount of income needs to be mentioned in the present declaration.
- Last part of the section 1 talks about the investment details for which you are filing declaration. You need to furnish the investment account number (term deposit/ life insurance policy number/ employee code etc)
- After filling the entire field, re-check all the details to ensure there is no error.
Second part of EPF Form 15G is to be filled out by the deduct-or i.e. the person who is going to deposit the tax deducted at source to government on behalf of the tax assesses.
How to fill EPF Form 15G Online
Most banks in India now provide the option of filling out and submitting EPF Form 15G online. Having an operational internet banking login is mandatory for availing this facility. Here’s how you can do it:
- Log into your bank’s internet banking with applicable User ID and Password
- Click on the online fixed deposits tab which will take you to the page where your fixed deposit details are displayed.
- On the same page, you should have the option to generate EPF Form 15G and Form 15H. Click on the available link to open the fillable form option.
- Once the form is opened online in fillable format, start filling out the details and information very carefully.
- Mention the branch details of the bank with which your FD/RD is held. If you do not have these details handy, use the bank’s branch locator tools to easily find the required details.
- Fill out all other details pertaining to your investment without any error and submit it.
When the TDS is Applicable?
In case, the employee wishes to withdraw his/her EPF amount which is more than or equal to Rs.50, 000 with less than 5 years of service.
1) TDS is deducted at 10% if an employee submits the PAN Card (But EPF form 15G form for EPF/15H is not submitted).
2) TDS will be deducted at the rate of 34.608% if an employee fails to submit the PAN Card. (Also EPF Form 15G/15H is not submitted).
When the TDS is not Applicable?
1) When one transfers their EPF account to another account.
2) Termination of service happened due to ill-health of the employee, discontinuation of business by an employer, completion of a project or other cause beyond the control of an employee.
3) If an employee withdraws the EPF amount after a total of 5 years of service (Including the service with a former employer).
4) If the EPF amount is less than Rs.50, 000, but the employee has rendered service of below 5 years.
5) In case the employee withdraws more than or equal to Rs.50, 000, with the employment of fewer than 5 years, but submits EPF Form 15G/15H along with PAN Card.