Form 15G is an EPF form submitted through employer by the employee to request the no deduction made at tax ducted at source. It is a self declaration form that no tax should be deducted from the income or employee taxable income should be nil. There are two forms use for the purpose for requesting no deduction at TDS they are form 15G and form 15h and 15G form for withdrawal is for the employee less than 60 years and 15h for the employees more the 60 years. Form 15G for EPF should be submitted at the start of financial year so that banks doesn’t deduct TDS from the employee interest income.
Conditions for submitting EPF form 15G
• Employee interest income for financial year must not exceed basic exemption limit + relief under 87A.
• Employee estimated tax liability for the current financial year should be NIL
• employee or assessee name
• employee must be than 60 years old
• employee must be a Resident Indian
• The total interest income of year is less than the basic exemption limit
• Basic exemption limit is Rs 2,50,000 for financial year 2017-18 (AY 2018-19)
Form 15G for EPF
Form 15G for EPF can be submitted in banks or post office anywhere where the employer made their investment if form 15G is submitted and if conditions above are not met it might attract section 277 of income tax act leading to the consequences such as rigours imprisonment of six moths and it can be extended to seven years or for some other cases three months of imprisonment with. So employee and employer should submit this form diligently.
15G form for PF withdrawal
To submit EPF form 15G pan card/permanent account number is mandatory and following are details present in 15G form for PF withdrawal
• Name of Assesse as per IT records
• PAN of the assesse – PAN number as per your PAN card
• Form 15G UAN/unique account number/ identification number
• Status of employee or organisation
• current financial year for which employee is filing up the form
• Residential Status
• details of employee address
• Telephone no
• whether assessed to tax under the income tax act, 1961
• and last assessment details regarding form 15G for EPF
• estimated income declaration
• details of last year fill form no 15G for PF
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