How to Download & Fill Form 15G Online for PF

Whether you are a salaried individual or someone running a business or a retired individual, every single rupee matters! It is important to be aware of various rules related to taxation. Proper planning can help you save a major chunk of your savings that may have otherwise ended up as tax payments. 

Interest earned on your provident fund (PF), fixed deposit (FD), or recurring deposit (RD) is one such income that many forget amid all the other income sources. If your interest income exceeds ₹10,000, banks can deduct Tax Deducted at Source (TDS) on the excess.

However, in case your total income is lesser than the taxable limits, you can request the respective bank to not deduct TDS. All you need to do is submit Form 15G to your bank. Read this blog post for all the information you need on this form along with a step-by-step guide to speed up your application work.

Features of Form 15G

If you are an individual aged under 60 years or a member of a Hindu Undivided Family (HUF), and you hold investments in the form of RDs, FDs, or PF, Form 15 G or Form 15G for EPFO is an essential form. You must fill up Form 15G to ensure the interest income earned on these investments in any financial year is not subject to tax deductions. 

The Form 15 G structure has been changed and simplified for tax deductors as well as tax filers since the year 2015. Central Board of Direct Taxes (CBDT) has introduced the format that you see today.

Here are the important features of Form 15G:

• It is a self-declaration form. You must fill out Form 15G and submit it to financial institutions or banks online/offline.
• Submission of Form 15G ensures no tax deduction on interest income earned. Note: This is possible only if your annual income does not exceed the taxable limit.
• If you are an individual or HUF member aged below 60 years, you can submit Form 15 G. If you are a business, though you cannot utilize the benefits of Form 15G. However, you can get a business loan online easily by applying via FlexiLoans. FlexiLoans’ quick disbursement and minimal documentation processes enable you to procure collateral-free business loans without any stress.
• You must ensure you submit Form 15G for PF withdrawal before the financial year’s first quarter ends. Also, note that you will see a TDS deduction every quarter.
• In case you do not submit Form 15G on time, there will be a TDS deduction. In such a scenario, you need to apply for reimbursement and get it reimbursed by the IT department.

You can find all the rules related to any self-declaration form inclusive of Form 15G for PF under Section 194A of the Income Tax (IT) Act, 1961.

Eligibility Criteria to Submit Form 15G

You must fulfil certain criteria to submit PF Form 15G or Form 15G for EPF withdrawal and avail of the benefits. The eligibility criteria are:

• You should be an individual or HUF member below 60 years of age to submit Form 15G. 
• You must be an Indian resident for the particular financial year.
• Your calculated tax liability on your total taxable income during the specific financial year is zero.
• Your total interest income is lesser than the TDS-exempted amount mentioned in the Form 15 G guidelines.

Step-by-Step Instructions to Download and Fill Form 15G Online:

With technology simplifying processes in every sector, filling up forms is no longer a hassle. You can either make use of your net banking option with your respective bank or the income tax department of India website to submit Form 15G.

If you are opting for the latter to fill out and submit your EPF Form 15G online, you require a valid net banking facility. You can then follow the simple steps mentioned below to submit your PF Form 15G.

1. You must use your valid Internet banking ID and password to log in.
2. Click the tab titled “Online fixed deposits”. You can find all your FD details here.
3. Once you reach the FD page, select “Generate Form 15G or Form 15H”. This is where you can begin filling out your form.
4. You must mention all the important details as required (PAN Card, address, income).
5. Also, note that you have to mention the bank details of your PF/RD/FD. Make sure you have this data before you begin the process.
6. Make sure you cross-check and verify your data post filling out Form 15G and submit the form free of errors.

As a company, though Form 15G would not benefit you, you can avail of tax benefits and cover your immediate requirements through FlexiLoans’ small business loans or collateral-free business loans.

Can Form 15G Be Used for PF Withdrawals?

Form 15 G is not only used to avoid deduction of tax on interest income but also used while withdrawing your PF amount.

Form 15G is easily available on the online portal of EPFO and the websites of most banks. You can access either the EPFO online portal, your bank’s website or the Income Tax department website and search for Form 15G for PF Download or Form 15G download. You can easily download this form on your smartphone or computer. 

Once you download Form 15G for PF withdrawal PDF, you will have to fill up the form. You can follow the steps mentioned below:

Columns 1-5: This is where you mention your name, PAN card details, income tax status (Individual/HUF/AOP), financial year details, and your residential status.

Columns 6-12: This section requires details regarding your residential address and area PIN code.

Columns 13- 14: This is where you fill in your communication details like email ID and phone number.

Columns 15-17: This is where you mention details related to your previous ITRs, assessment year of the latest ITR, PF withdrawal amount, and your estimated income for the financial year.

Column 18: You can fill this section only if you have submitted many 15G Forms during the particular financial year. You will have to mention the number of Form 15G’s filled out along with the total income amount.

Column 19: This section pertains to your income, wherein you have to mention your UAN account number, nature of income, Section under which tax is deductible, and income amount.

The final section of the PF Form 15G requires all your investment details. The investment details will include the account numbers of your life insurance policy, term deposit, employee code, and all other required details. Make sure you have all this information when you fill out the form to ensure there are no errors.

Once you fill out the 15G Form, you must upload the pre-filled Form 15G for PF withdrawal PDF on the online portal of EPFO UAN.

PF Withdrawals: Is Form 15G a Mandatory Requirement?

If you intend to withdraw your PF amount, it is compulsory to submit Form 15G for PF withdrawal. This ensures no TDS deduction occurs on the amount being withdrawn.

According to Section 192A of the Finance Act 2015, in case the PF amount withdrawn is exceeding ₹50,000 and your employment tenure is less than 5 years, the PF withdrawal will attract a tax deduction. Make sure you bear in mind the below-mentioned rules when you apply for PF withdrawal:

• 10% TDS: If you submit only your PAN card, but do not submit your Form 15G
• 42.744% TDS: If you do not submit both – your PAN Card and Form 15G
• No TDS: If you submit -both your PAN Card and Form 15G

Fine and Punishment for Submitting Wrong Information in Form 15G

When you fill your Form 15G for PF withdrawal, in case of any doubts, always consult with your financial expert. This is crucial as any false declaration leads to a penalty or punishment by way of imprisonment u/s 277 of the Income Tax Act 1961.

For instance, in case you fill wrong information to evade taxes (exceeding ₹100,000), you can face imprisonment between 6 months to 7 years. In other cases, you can face imprisonment between 3 months to 3 years.

Difference Between Form 15G and Form 15H

Self-declaration forms such as Form 15G and Form 15H can be confusing due to the difference in just the letters G and H. However, there are a few differences in their criteria. Let’s have a look.

	Form 15G	Form 15H
Who can file?	Resident individuals, HUF members, Trust.	Only Resident individuals
Age Criteria	Below 60 years	Above 60 years (Senior Citizen)
Income Criteria	Applicable to only those HUF members having an income lesser than the threshold mentioned.	his form, no matter what their annual income is.
Tax on Total Income	Zero	Not applicable

Note: According to regulations, non-resident Indians (NRIs) cannot benefit by using either Form 15G or Form 15H.

Business loans are available online for companies to help them meet their immediate cash or inventory requirements. You can use the FlexiLoans business loan EMI calculator to check your eligibility and apply.

Conclusion

In conclusion, the whole process of downloading and filling out Form 15G for PF online is quite a daunting task. It is important to follow the correct steps and you must ensure you submit the correct information. This comprehensive guide from FlexiLoans has covered all the steps required in the process to make it a seamless one.

You can also apply for a business loan with FlexiLoans as its credit assessment process enables you to secure loans quickly at good rates. Apply and receive funding almost instantly for your business needs!

FAQs

Q. 1 Is it mandatory to fill out Form 15G? 

Ans: Form 15G is a legal and official form laid down under Section 197A of the Income Tax Act of 1971. If you want to claim TDS exemption on the interest income earned on your fixed deposits, recurring deposits or any other investment, you must submit Form 15G. It is also required for withdrawing your PF amount.

Q. 2 Is it mandatory to submit Form 15G for PF withdrawal of amounts less than ₹50,000?

Ans: No, submitting Form 15G for PF withdrawal of amounts less than ₹50,000 is not compulsory.

Q. 3 What will happen if I submit a false declaration in Form 15G?

Ans: Under Section 277 of the Income Tax Act of 1961, if you submit any false declaration in Form 15G to avoid TDS, you could face a fine or even imprisonment.

Q. 4 How much of the interest earned on PF is tax-free?

Ans: Annually, interest on your EPF contributions of up to around ₹250,000 is free of taxes. Any interest earned by the employee exceeding this threshold every year.

Q. 5 What is the validity period of the self-declaration Form 15G for PF withdrawal?

Ans: The self-declaration Form 15G for PF withdrawal is valid only for a particular financial year. You will have to submit a fresh form every financial year. However, as per government regulations, tax deductors can store the form for seven years.

Q. 6 Should I submit Form 15G directly to the Income Tax Department?

Ans: No, you must submit Form 15G to the tax deductor and not to the Income Tax department.