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15 G for PF withdrawal

jerrins joy (33 Points)

27 July 2019

Does an employee need to produce 15G for withdrawal of EPF of less than 1.0 lakh

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168934 Points)
Replied 27 July 2019

Provident fund withdrawal before five years of completion of service attracts TDS(tax deducted at source) effective from 1 Jun 2015.

TDS on EPF is deducted if withdrawal is more than Rs 50,000. This is applicable from June 2016. Earlier this limit was Rs 30,000.
TDS is deducted at 10 % provided PAN is submitted.
Form No. 15G is self-declaration form that can be furnished by individuals to state that his/her income is below the taxable limit and hence no TDS should be deducted. The final tax on his estimated total income computed as per the provisions of the Income Tax Act should be nil.

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