Everything you need to know about PF form 15g
If a person does not want TDS to be deducted, they are required to submit the Form 15G for PF withdrawal. If they quit their job and are unemployed for 2 months with no plans of joining a job then their EPF can be withdrawn. If a person has been contributing to the EPF for more than 5 yearsin a single job orin multiple jobs, then the EPF Withdrawal for them will be tax free.
If they choose the offline way by submitting their application through their employer then they might be asked to submit Form 15G/H so that the TDS is not deducted. From Jul 2017 a person can withdraw EPF online if they have linked Aadhar with their UAN and PAN and their bank details have been updated for which they do not need to submit the Form 15G/15H.
In order to fill the PFForm 15Gfor EPF Withdrawal, a sample filled formfor your reference has been shown below:
Image Source: http://www.kvb.co.in/pdf/form15G.pdf
The basic details ofPF form 15G are as follows:
A person has to submit the PF form 15Gto request their income provider to not deduct TDS for their prescribed income. In the form, the declaration maker will declare that their estimated taxable income for the same year is Nil.
If a person fulfills the following conditions, they can submit the form 15G form PF:
- Their estimated tax liability for the current year is NIL
- Their interest for financial year does not exceed basic exemption limit plus relief under section 87A.
Only people residing in India can submit the PF form 15G, whereas, NRIs cannot. Also, an individual only can submit the form no 15G, whereas a company or a firm cannot. However, AOP and HUF can submit these forms.
Conclusion:EPF scheme is very important to secure your life after retirement. When you start working, you and your employer both contribute 12% of your basic salary to your EPF account .EPF is active every time you receive your payment. In case of a job change it is very important to update your EPF contribution details with your new company by giving your EPF number to continue the contribution.