How to Fill Form 15G for Tax Exemption Easily

Form 15G is a declaration that an individual’s income is below the tax limit and helps obtain TDS exemption for certain types of income. Submitting this form does not mean that individuals are exempt from their ITR and should settle their tax obligations accordingly. Let us discuss in detail how to complete, download, and submit Form 15 G, and the precautions taken during filing.

What is From 15G?

EPF from 15G or from 15G is a declaration that an individual submits to ensure no TDS is deducted from the interest they earn from their EPF, RD or FD. Individuals below 60 and Hindu Undivided Families (HUFs) can fill out this form. However, those 60 years and older should use Form 15H.

Key Features of Form 15G

Some key features of 15G are as follows:

Form 15 G allows taxpayers to self-declare their income below the taxable limit, thereby seeking to exempt TDS deductions on Specific income sources.
The rules for this are given under the provisions of Section 197A of the Income Tax Act.
Since 2015, the format of from has been revised to simplify compliance and reduce costs for both the deductor and the tax deductee.
The current format of 15G was introduced by the CBIT Central Board of Direct Taxes
Any individual below the age of 60 years can submit Form 15G. Any individual above the age of 60 years falls in the category of senior citizens.
An individual must submit this declaration in the first quarter of the financial year to avail benefits for existing investments. An individual must submit Form 15G before the first interest credit occurs for new investments.

From 15G Sample

Here is a sample from 15G

Eligibility Criteria for Submitting From 15G

The eligibility criteria to submit from 15G are as follows:

You are an individual or a person other than a company or a firm.
You must be an Indian resident for the applicable financial year.
You should not be more than 60 years of age
Your tax liability on the financial year does not exceed the exemption limit

How to Download From 15 G?

You can download 15G from the websites of major banks or EPFO’s online portal Just log in and search for the PF from 15G download, and then you can easily download it to your computer or smartphone. You can also get it from the income tax department's official website.

How to Fill Out Form 15G

To fill in from 15G for PF withdrawal, take the following steps:

Get a physical copy from the bank or post office or download it from the income tax department’s official website.
Fill out personal details like name, address, PAN and contact information.
The applicable income tax status.
Ensure you meet the eligibility criteria from 15G and provide information about your income and investment.
Mention the previous year as the financial year you clam non duductions of TDS
Enter the bank details of where you want to credit the PF withdrawal amount.
Sign and date the form after ensuring that the information provided is accurate.
Submit Form 15G and any required supporting documents to the PF office, your employer, or the bank holding your PF account.

How to Submit Form 15G for PF for Withdrawal Online

Follow the steps given to fill out Form 15G for PF withdrawal:

Log in to the EPFO UAN portal
Select the ‘Online Services’ tab and click on ‘Claim’.
Enter your bank account number and then click on ‘Verify’.
Press on ‘Upload Form 15G’ under the ‘I want to apply for’ section.

Is From 15G Mandatory?

Section 192A of the Finance Act 2015 states that a PF withdrawal will attract TDS if the amount is more than Rs. 50000 and your employment tenure is less than five years. So if you want to avoid being deducted from your PF withdrawal amount, then Form 15G is mandatory.

When is TDS Applicable?

When an employee wishes to withdraw Rs. 50,000 or more from their EPF with less than five years of service, the TDS is applicable for the following:

10% TDS if an employee submits the PAN Card but fails to submit Form 15G
34.608% TDS if an employee fails to submit the PAN Card and Form 15G

The TDS is not Applicable

The TDS does not apply to the following:

When an employee transfers their EPF account to another
The termination of services of an employee due to ill health, discontinuation of business by the employer, project completion or any other factor beyond an employee’s control.
If the EPF withdrawal is made after five years of service (Including the service with a former employer).
If the amount withdrawn is less rs.50k from EPF before an employee has completed five years of service.
If Rs. 50,000 or more is withdrawn from EPF before an employee has completed five years of service, they submit Form 15G along with their PAN card.

Purposes of Submitting Form 15G

From 15G can be submitted for the reduction of TDS in the following steps:

Interest Income: To avoid the deduction of TDS on interest income, you need to submit Form 15G to banks and financial institutions.
Premature EPF Withdrawal: If Rs. 50,000 or more is withdrawn before five years from the account’s opening, the amount is liable for TDS. However, compliance requirements can be bypassed by submitting Form 15G, provided all conditions are met.
Post Office Deposits: Digitalised post offices also charge TDS under certain conditions. You can submit Form 15G to request an exemption from the applicable TDS deduction.
Corporate Bonds: If your income from corporate bonds surpasses Rs. 5,000 in a financial year, it becomes subject to TDS. However, if you qualify to submit Form 15G, you can request the bond issuer not to deduct TDS.
Dividends: There is a TDS deduction if the dividend income exceeds RS.5k,You can submit Form 15G to stop the deduction of TDS.
Proceeds from life insurance policy: If the proceeds, excluding those under sections 10(10D), go beyond Rs. 1,00,000 in a fiscal year, the payer must charge 5% TDS. To prevent or minimise this TDS deduction, the taxpayer can submit Form 15G.
Insurance Commissions: An insurance agent who earns a commission exceeding Rs 15,000 is subject to TDS. Such agents can appropriately submit Form 15G to address the TDS implications.
Rental Income: If your rental income exceeds Rs 800000 in a year, leading to the deductions of TDS, you can submit from 15G for non-deduction of TDS.

Suggested Read: TDS Rate Chart for FY 2024-2025

FAQ

1.What is the use of 15G?

From 15G is filled out to ensure no TDS is deducted from an individual’s income in a given year.

2.Is a PAN card required to file for 15G?

Yes, a PAN card is mandatory to file a 15G. Without proper PAN details, a declaration will become invalid.

3.Can HUFs also submit for 15G?

HUFs can also submit 15G if it meets the conditions.

4.Do I need to submit this form to the income tax department?

You don’t have to submit this form directly to the income tax department.

5.Do NRIS need to submit from 15G?

NRIs are not eligible to fill out this form. Only a resident can fill out Form 15G.

Featured Posts

No items found.

Featured Posts

You might also like

All About Electronic Cash Ledger in GST and Its Format

Know About the Advance Authorisation Scheme under the GST

GST Rates & HSN Code for Synthetic Organic Tanning Substances (3202)