Recently EPFO started to deduct TDS and when I wrote a post on this then I got many queries related to filling Form 15G and Form 15H. Hence, thought write a detailed video tutorial guidance about how to fill forms 15G and Form 15H. Many of us simply fill either of these two forms to avoid TDS from Bank Deposits. But who can actually submit the Form 15G or Form 15H?
Note-Effective from 1st October, 2015, CBDT launched the new version of Form 15G and Form 15H. Also, the new facility of submitting it online is started. You can go through below post to know more about the recent changes.
What is Tax Deducted at Source or TDS?
When you have any taxable income, then instead of paying the tax at the end, the tax will be deducted at a flat rate where it is arising. For example, in case of salaried the employer deducts the TDS or your Bank may deduct TDS on your Fixed Deposit (FDs) earnings. This TDS rate varies from one type of income to another.
In case of Bank FDs or RDs, if your total interest income from all FDs or RDs is greater than Rs.10,000 in a financial year (across all branches of a bank) then bank deduct TDS at the rate of 10%. If you do not provide a PAN number, then this TDS will be 20%.
In case of Bank FDs where you opted for payment of principal and interest at the end of maturity only, if the above said threshold limit crossed then Banks deduct TDS on yearly (even though you did not receive the FD amount).
Usually, you receive a consolidated TDS certificate in form 16. Whoever deducted the TDS will issue the certificate in the month of April (immediately the next start of a financial year). In case of joint account FDs, tax liability will be on the first holder.
What is Form 15G and Form 15H?
Usually people submit Form 15G and Form 15H to AVOID tax. Also, usually bank officials request you to submit either of these forms to avoid TDS. However, there are conditions to submit either of these forms.
1) You have to submit either Form 15G or Form 15H when your total income does not exceed the basic exemption limit (in case of Financial Year 2015-16 the basic exemption limit for an individual is Rs.2,50,000, for an individual whose age is 60 years or more but less than 80 years then it is Rs.3,00,000 and for an individual whose age is more than 80 years then it is Rs.5,00,000). You can check the latest tax slabs in my earlier post “Budget 2015-New Tax Slabs and Rates for FY 2015-16 (AY 2016-17)“.
2) If your estimated tax liability for the current financial year is NIL.
However, no one bothers about these basic rules and try to avoid TDS as much as possible. Remember, avoiding TDS does not mean avoiding tax. At any cost, you have to pay tax on such taxable income.
Form 15G and Form 15H are nothing but self-declaration forms. Therefore, if a person is sure that he is not liable for any tax for that particular financial year, then he may submit Form 15G or Form 15H to the authorities who may deduct TDS.
Note that both Form 15G or Form 15H are not meant for NRIs, companies or firms. But only for an individual/HUF/AOP. You have to submit the form at the beginning of a financial year only. Otherwise, it will not be useful for you as TDS may already deducted.
Form 15G-This form can be submitted by an individual/HUF/AOP whose age is less than 60 years of age. You can download the Form 15G HERE.
Form 15H-This form can be submitted by an individual/HUF/AOP whose age is more than 60 years of age. You can download the Form 15H HERE.
How to fill Form 15G or Form 15H?
Effective from 1st October, 2015 CBDT launched the new version of Form 15G and From 15H. You can read all those updates in my blog post “Video Tutor-How to fill new Form 15G & Form 15H?“. Along with that, I also created a video tutor about how to fill the newly launched Form 15G and Form 15H.
There is no difference between two forms. Only the difference is of age condition attached to these forms for submission. Hence, in this below video I will show you how to fill the Form 15G.
Note these important points about TDS or Form 15G and Form 15H–
Hope this information will be useful for you in filling Form 15G or Form 15H.
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Dear Basavaraj
I have completed 60 years as of 20th July 2020. I want to with draw my PF on line. I understand PF withdrawal is not taxable. My PF accumulation is more than 20 years. The PF portal in online is asking submission of Form 15H. I have two questions (1)" When PF withdrawal is not taxable, why to submit Form 15H. (2) If Form 15H need to be submitted, then should i tick mark " not taxable ?"
Dear Sridhara,
This is the sad state of EPFO.
sir,
As of today 28/7/2019, in form 15g, my amount to be filled in column 16 is 82k, then how much will be the amount to be filled in column 17 considering my salary was 25k, but m unemployed for last 90 days (my company shut down)
Dear Paz,
In 17, your total income inclusive of what you filled should be filled in Column 16.
Hi Basu sir, where can we download FORM 15G , now I see we need to upload scanned copy for online withdrawal of EPF n EPS
Thank you
Venkat
Dear Venkat,
The format is same. However, you can download it from IT Dept website directly.
I resigned my Job in July 10 2015 and salary was 3.4 Lakhs.Totally I have 1.5 years experience.I have not done Income tax filing till now.
I am going to withdraw PF from the company now and could you please help on below fields for Form 15G.
Assessment Year:-
Last Assessment Year in which
assessed:-
Present AO Code:-
AO Code(under whom assessed last
time):-
Estimated total income from the sources mentioned below:
Estimated total income of the previous year in which income mentioned in Column 22 is to be included:
Which one I need to fill for PF withdrawl among SCHEDULE-I,II,III,IV,V:-
Vamsikrishna-I already explained in above video. Please refer new form "Video Tutor-How to fill new Form 15G & Form 15H?". You are going through old one.
I am also staying in bangalore and could you please provide contact number and adress so that i will meet you for any clarifications.vamsi.4a6@gmail.com is my mail id.
Vamsi-You can reach to me at tonhokrani@gmail.com.
Hi Sir,
How can i fill form 15g for premature epf withdrawal online and also explain each field of the column 19 of the form 15g.
Please reply soon.
Prakash-You can't fill it ONLINE. Filling procedure is explained in video.
Hi
Thanks for such a nice explanation on how to fill Form 15G. I have a query. I left India in 2012, my last filed ITR was for AY 2013-14 as FOREIGN (NRI).
Now I need to withdraw my PF. Do I need to fill 15G or any other form? My company has sent me 15G to fill and also give a declaration to sign that EPFO can deduct tax at prevailing rate.
Please help.
Suraj-If you are an NRI, then you are not eligible to fill it.
Then in this case will EPFO deduct tax from my PF withdrawal? If yes Can I claim it back from IT ?
Thanks
Suraj-Yes, they will deduct if your service is less than 4 years. Yes, you can claim it back from IT.
I have the following query:
I worked in a software organization from Nov 2011 to Oct 2012. My PF balance accumulated during my tenure of working (Nov 2011- Oct 2012) is less than 30000.
I have recently applied for PF withdrawal filling up the required forms(Form 19, Form 10c and others). But I have a doubt regarding the column no 22 and column no 23 in form 15g. What is required to be filled in these columns?
Column No. 22: Estimated Total Income from the sources mentioned below (Dividend from shares, interest on FD, NSC etc)-"This is NIL in my case."
Column No. 23: Estimated Total Income of the previous year in which income mentioned in Column 22 is to be included - "WHAT DO I NEED TO FILL UP IN THIS COLUMN?"
Also, since I am applying in April 2016, what will be Assesment Year which needs to filled in Form 15g?
Hi Basavaraj,
I have the same query as Debaditya. You have given reference link for it, I watched it but didn't get point explained to fill for 22. and 23.
Can you guide me for PF withdrawal. I terminated from company in Dec 2015 now (I am not working) but still i have not withdrwan my PF
Sagar-Many fields removed from old to new. You have to fill the new one. If i not explained means such fields not available in new form.
Debaditya-Refer this new post "Video Tutor-How to fill new Form 15G & Form 15H?".
But for pf withdraw how and who will fill the 22. and 23 details
Sagar-Whether ou have gone through the new form? Refer my new video once again.
It is there Basavaraj.
Thanks,
Sagar
Hello Mr. Basavraj
I worked with a private company from Sep 2014 to March 2015 with CTC of 2.5 lakh and have not withdrawn my PF account yet, Is it mandatory to submit Form 15g?
Right now i am self employed and not on a pay roll. could you plz guide me with ur valauable suggestions?
Avinash-It is mandatory if your income is below Rs.2,50,000 a year. Otherwise, not required.
Hello Basavaraj,
I worked for a Private Company from Jan -2009-October-2015 (which comes around 6.8yrs) want to withdraw my P.F amount.My Last Year (2015-16) salary and Other Income Comes to around Rs 2lakhs which is below the Normal Tax Slab of 2.5o lakhs. Do I Need to Fill Form 15G to withdraw my PF amount Or can i withdraw without filling form 15G ?
Srinath-Not required. But read the recent withdrawal rules applicable from 10th Feb, 2016.
Hello Basu,
I'm filling the new Form 15G for PF withdrawal. Most of my colleague who left the company has already withdrawn PF money while they are employed in another company.
I’m filling the Form 15G, my annual income right now in new company is 264000 approx.
My previous company the annual income was 192000, I worked there for 1.5 years. The PF amount from that company is 50000 approx.
During my time with previous company I did not submitted From 15G, neither did I fill the Income tax declaration, since my income did not meet the tax declaration slab.
Please answer my question; it will be grateful of you.
What should I fill in 15, 16, 17, 18 and 19
And what should I fill in Section Under Which the Tax is Deduction.
Or whether I do not need to fill the above fields.
I’m salaried person; I don’t have any other income other then my salary.
I am trying to find the answers since last 6 months.
Thanks and Regards
Kiran Soman
Kiran-First keep in mind that, you can't withdraw the EPF if you are working NOW. Second thing, if your current income is more than Rs.2,50,000, then you can't submit Forum 15G.
Thanks for your quick response,
Lot of my colleague from previous complay , who are already employed have already got the PF. Some of them without filling the From 15G (with same annual salary.
I don't understand, why is it easy for some and difficult for others?When both fall in same criteria.
What should I do to withdrawn PF amount?
Thanks and Regards,
Kiran Soman
Hello Basu,
I worked in my ex company for more than 5 years from 2007 to 2013. Now I want to withdraw PF and have submitted all relevant document to my ex employer. But they are asking for Form 15g before they can proceed with withdrawal request. My current taxable income is more than 2.5 lakhs and expected PF amount is around 2.4 lakhs. So, I guess I cannot submit form 15g.
Could you please let me know if it is has been made compulsory to submit form 15g for PF withdrawal? I know few more people whose withdrawal request was rejected as form 15g was not submitted.
I don't mind if 10% tax is deducted from the PF amount. Just wondering why my employer is asking for form 15g, without which they will not process request further.
Regards,
Sameer
Sameer-It is all because the person who asking for don't know the rules of Form 15G submission. You show them the rulebook. If they don't want to process then let them give it in written. This makes sense for you to complain against them with EPFO.