There are EPF members who withdraws a PF amount of more than 50000 Rs in below 5 years of service need to submit 2 copies of form 15G and 1 copy of PAN card. If EPF members does not submit form 15G then 34.6% tax will deduct from 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
How to fill PF form 15G for PF withdrawal in 2019:
| Field 1 | Name of tax payer | Write the name of the person who is submitting form 15G. |
|---|---|---|
| Field 2 | PAN of the assessee | Writ 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 2019, then the previous year will be 2018-19. |
| 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 for which you filed your IT returns |
| 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. | |
| 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% |
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