Filling Out Form 15G for PF Withdrawal
When an employee's service is less than 5 years and they need to withdraw money from their PF account, it's essential to understand the process of filling out Form 15G correctly. Here's a practical guide on how to fill out the 17th column in Form 15G for PF withdrawal in India:
1.
Eligibility Check: As per the Income Tax Act, if the total PF withdrawal amount is less than Rs. 2.5 lakh, the employee can submit Form 15G to avoid TDS deduction. In this case, with 5 lakh rupees in the PF account, the employee is eligible to submit Form 15G.
2.
Filling Out Column 17: In the 17th column of Form 15G, the employee should mention the total estimated income for which this declaration is made. In this scenario, where the PF withdrawal amount is 5 lakh rupees, the employee should fill in the total estimated income accordingly.
3.
Importance of Correct Information: It's crucial for the employee to provide accurate information in Form 15G to avoid any discrepancies or issues during the PF withdrawal process.
4.
Consultation: If the employee is unsure about how to fill out Form 15G correctly, it's advisable to seek guidance from a financial advisor or tax consultant to ensure compliance with tax regulations.
5.
Submission: Once the form is filled out accurately, the employee should submit it to the concerned PF authority for processing the withdrawal request.
By following these steps and ensuring the accurate completion of Form 15G, the employee can facilitate the smooth withdrawal of funds from their PF account without facing unnecessary tax deductions.
Remember, it's always recommended to consult with a tax professional or financial advisor for personalized guidance based on individual circumstances.
Reference
- For detailed information on Form 15G and PF withdrawal regulations, refer to the official website of the Employees' Provident Fund Organisation
https://www.epfindia.gov.in/site_en/For_Employees.php.