Form 15G is a self-declaration form that can be filled out by individuals to ensure that no TDS (tax deduction at source) is deducted from their interest income in a year. In the case of PF withdrawal, Form 15G or EPF Form 15G is a document that people submit to ensure that no TDS is deducted on the interest earned from their EPF. It is mandatory to submit Form 15G if you dont want TDS to be deducted from the PF withdrawal amount. Section 192A of the Finance Act 2015 states that PF withdrawal will attract TDS if the withdrawal amount is more than Rs.50,000 and your employment tenure is less than 5 years.
Form 15G can be easily found and downloaded for free from the website of all major banks in India, as well as the official EPFO portal. Additionally, this form can also be easily downloaded from the Income Tax Department website. Moreover, you also have the facility to submit Form 15G online on the website of most major banks in India.
For PF withdrawal, you should submit your Form 15G at the time of submitting the PF withdrawal claim form. You are required to fill out only Part I of Form 15G for PF withdrawal. After filling in all the fields, cross-check all the details to ensure there is no error. It is important to note that Form 15G is not mandatory for PF Withdrawal if your total withdrawal amount is less than Rs.50,000. In that case, there will not be any Tax Deducted at Source (TDS). However, if your withdrawal amount exceeds the mentioned threshold, you will have to pay 10% TDS (for withdrawal before 5 years).
