Hi, Does anyone know if I need to declare only for the investments made in the current Assessment Year or does it have to be the past investments too? Please suggest. Thanks!
From United States, Lincolnshire
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4From United States, Lincolnshire
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I don't know how much my final PF payment would be. Also, I have withdrawn an FD in May 2015 and earned an interest of around 10000. Additionally, I have 3 mutual funds that I invested in 2011 which are still operating in the market.
Currently, I am unemployed. I worked from April 2014 till January 2015, and the total income that I received from my salary during this period is 93000. Now, please suggest how I should provide these details in Form 15G in order to withdraw my PF.
From United States, Lincolnshire
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Currently, I am unemployed. I worked from April 2014 till January 2015, and the total income that I received from my salary during this period is 93000. Now, please suggest how I should provide these details in Form 15G in order to withdraw my PF.
From United States, Lincolnshire
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These details are not required to be furnished in Form 15G. You need to determine your PF amount and enter that figure in the appropriate column of the form. I believe your income will not exceed the taxable limit. Therefore, once you confirm this fact, proceed to submit Form 15G when you are certain that your total income is not taxable.
Your mutual fund investments are not considered for tax purposes.
From India, Pune
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Your mutual fund investments are not considered for tax purposes.
From India, Pune
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Your employers contributions + the accumulated interest amount will be taxed as profits in lieu of salary. Interest accumulated on your (employee) contributions will also get taxed under the Head Income from other sources
Withdrawal amount of employees share of EPF ,will will be aded to your salary.
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From India, Pune
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Withdrawal amount of employees share of EPF ,will will be aded to your salary.
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From India, Pune
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Vnhetanima,
Refer to this link: [Download Form 15G & 15H in Excel/Word format with FAQs](http://taxguru.in/income-tax/download-know-and-faq-on-form-15g-form-15h.html)
I hope this helps! Let me know if you need further assistance.
From India, Pune
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Refer to this link: [Download Form 15G & 15H in Excel/Word format with FAQs](http://taxguru.in/income-tax/download-know-and-faq-on-form-15g-form-15h.html)
I hope this helps! Let me know if you need further assistance.
From India, Pune
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I have the same doubt as that of suman2050. There is no relevant in form 15G to mention about PF. Kindly let me know where details of PF should be mentioned in 15G. Thanks.
From India, Bangalore
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From India, Bangalore
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I want to withdraw my PF as I am leaving job. I want to know that PF withdrawl in July 2015 will contribute to which financial year?
From India, Bangalore
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From India, Bangalore
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Date of drawal of Provident Fund.Jul 15 it will be added to income of Financial year 2015-16 assessment year 2016-17. I hope your doubt is cleared.
From India, Pune
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From India, Pune
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Hi, I left my job 3 months ago and am not currently working. I have applied for PF withdrawal and submitted forms 19 & 10 C to our employer. However, they rejected the forms and sent them back, stating that form 15g is missing. I do not have any other savings. Even though my PF balance is greater than 3 lakh, do I still need to submit form 15g? If so, could you please guide me as I am unsure how to fill it out and where to provide the necessary information? Your advice is greatly appreciated. Thank you in advance.
From India, Hyderabad
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From India, Hyderabad
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Hi, I left my job 3 months ago and am currently not working. I have applied for PF withdrawal and submitted forms 19 and 10C to my employer. However, he sent them back, stating that form 15G was missing. My PF balance is over 3 Lakh. Do I still need to submit form 15G? I do not have any other savings or investments. If it is necessary to submit form 15G, please guide me as I am unsure about many columns in that form. Thanks in advance.
From India, Hyderabad
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From India, Hyderabad
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EPF Withdrawals : New Provisions & Rules related to TDS
EPFO (Employees Provident Fund Organization) has issued a new circular relating to applicability of TDS (Income Tax deduction at Source) on EPF withdrawals. These new provisions are effective from 1st June, 2015. TDS is applicable on EPF withdrawal where accumulation (balance) is more than Rs 30,000 and the EPF member (Employee) has worked less than Five years.
As per EPFOâs circular, âthe Finance Act, 2015 (20 of 2015) has inserted a new section â192Aâ regarding the payment of accumulated provident fund balance due to an employee. The provision shall take effect from June 1, 2015.â
EPF Withdrawals â Provisions related to TDS
TDS is not applicable in the following cases;
⢠On Transfer of PF from one account to another PF account (EPF A/c) .
⢠On Termination of service due to ill-health of EPF member and withdraws his/her accumulation.
⢠On discontinuation of Business by the Employer or any cause beyond the control of EPF Schemeâs member (Employee).
⢠If PF withdrawal amount is less than Rs 30,000.
⢠If employee withdraws amount more than or equal to Rs. 30,000/-, with service less than 5 years but submits Form 15G /15H along with his / her PAN.
TDS is applicable in the following scenarios;
⢠If employee withdraws amount more than or equal to Rs. 30000/-, with service less than 5 years, then:
a) TDS will be deducted @ 10% if Form-15G/15H is not submitted provided PAN is submitted.
b) TDS will be deducted @ maximum marginal rate (i.e., 34.608%) if employee fails to submit PAN.
Below is the flowchart to understand these implications.
Other Important points;
⢠TDS (Tax Deducted at Source) is deductible at the time of payment. TDS will be deducted under Section 192A of Income Tax Act, 1961.
⢠Form 15H is for senior citizens (60 years & above) and Form 15G is for individuals having no taxable income. Form 15G & 15H are self declarations and may be accepted as such in duplicate.(Do note that not every individual or HUF can submit Form no 15 G. Only the individual / HUF, whose tax on the estimated income for the year is NIL and the amount of interest income from all the sources / securities does not exceed the minimum exemption limit, can submit Form 15 G form. NRIs can not submit Form 15G)
⢠EPF Members must quote PAN in Form No.- 15G / 15H and in Form No. 19 (EPF Withdrawal Form).
⢠Members who have rendered continuous service of 5 years or more, including service with former employer, shall not be required to submit PAN and Form No. 15G/15H along with Form No. 19.
⢠Similarly, members whose service has been terminated due to his ill health, contraction or discontinuance of business of employer or other cause beyond the control of the member shall not be required to submit PAN, Form No. 15G/15H along with Form No. 19. In such cases, no income tax (TDS) shall be deducted as per Rule 8 of Fourth Schedule to the Income Tax Act, 1961.
⢠Form Nos. 15G and 15H cannot be accepted if amount of withdrawal is more than Rs. 2,50,000/- and Rs. 3,00,000/- respectively.
⢠If TDS is not applicable then it does not mean that the EPF withdrawals are not taxable. Do note that, if you withdraw your PF balance before the expiry of five years of continuous service, then it is taxable in the year in which withdrawal has happened. In addition to this, your employerâs contributions along with the accumulated interest amount will be taxed as âprofits in lieu of salaryâ. Interest accumulated on your (employee) contributions will be taxed under the head âIncome from other sourcesâ. The tax deductions claimed on your contributions will be revoked or rolled back, and shall be liable to tax.
These new amendments may discourage pre-mature PF withdrawals and may promote long-term savings.
From India, Bhubaneswar
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EPFO (Employees Provident Fund Organization) has issued a new circular relating to applicability of TDS (Income Tax deduction at Source) on EPF withdrawals. These new provisions are effective from 1st June, 2015. TDS is applicable on EPF withdrawal where accumulation (balance) is more than Rs 30,000 and the EPF member (Employee) has worked less than Five years.
As per EPFOâs circular, âthe Finance Act, 2015 (20 of 2015) has inserted a new section â192Aâ regarding the payment of accumulated provident fund balance due to an employee. The provision shall take effect from June 1, 2015.â
EPF Withdrawals â Provisions related to TDS
TDS is not applicable in the following cases;
⢠On Transfer of PF from one account to another PF account (EPF A/c) .
⢠On Termination of service due to ill-health of EPF member and withdraws his/her accumulation.
⢠On discontinuation of Business by the Employer or any cause beyond the control of EPF Schemeâs member (Employee).
⢠If PF withdrawal amount is less than Rs 30,000.
⢠If employee withdraws amount more than or equal to Rs. 30,000/-, with service less than 5 years but submits Form 15G /15H along with his / her PAN.
TDS is applicable in the following scenarios;
⢠If employee withdraws amount more than or equal to Rs. 30000/-, with service less than 5 years, then:
a) TDS will be deducted @ 10% if Form-15G/15H is not submitted provided PAN is submitted.
b) TDS will be deducted @ maximum marginal rate (i.e., 34.608%) if employee fails to submit PAN.
Below is the flowchart to understand these implications.
Other Important points;
⢠TDS (Tax Deducted at Source) is deductible at the time of payment. TDS will be deducted under Section 192A of Income Tax Act, 1961.
⢠Form 15H is for senior citizens (60 years & above) and Form 15G is for individuals having no taxable income. Form 15G & 15H are self declarations and may be accepted as such in duplicate.(Do note that not every individual or HUF can submit Form no 15 G. Only the individual / HUF, whose tax on the estimated income for the year is NIL and the amount of interest income from all the sources / securities does not exceed the minimum exemption limit, can submit Form 15 G form. NRIs can not submit Form 15G)
⢠EPF Members must quote PAN in Form No.- 15G / 15H and in Form No. 19 (EPF Withdrawal Form).
⢠Members who have rendered continuous service of 5 years or more, including service with former employer, shall not be required to submit PAN and Form No. 15G/15H along with Form No. 19.
⢠Similarly, members whose service has been terminated due to his ill health, contraction or discontinuance of business of employer or other cause beyond the control of the member shall not be required to submit PAN, Form No. 15G/15H along with Form No. 19. In such cases, no income tax (TDS) shall be deducted as per Rule 8 of Fourth Schedule to the Income Tax Act, 1961.
⢠Form Nos. 15G and 15H cannot be accepted if amount of withdrawal is more than Rs. 2,50,000/- and Rs. 3,00,000/- respectively.
⢠If TDS is not applicable then it does not mean that the EPF withdrawals are not taxable. Do note that, if you withdraw your PF balance before the expiry of five years of continuous service, then it is taxable in the year in which withdrawal has happened. In addition to this, your employerâs contributions along with the accumulated interest amount will be taxed as âprofits in lieu of salaryâ. Interest accumulated on your (employee) contributions will be taxed under the head âIncome from other sourcesâ. The tax deductions claimed on your contributions will be revoked or rolled back, and shall be liable to tax.
These new amendments may discourage pre-mature PF withdrawals and may promote long-term savings.
From India, Bhubaneswar
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Hi, I want to withdraw my PF. I have resigned in the month of September 2011. Do I need to attach Form 15G to withdraw my money? Can you please help me out as soon as possible because I need to submit my form on Monday?
Thank you.
From India, Delhi
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Thank you.
From India, Delhi
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Hi,
I left a job in 2005 after working for a period of 6 months. My PF account with that company became dormant since then. I recently got in touch with them for PF withdrawal. They have given me the relevant forms (19, 10c, and 15G).
I wanted to know if form 15G is mandatory. Even if it's mandatory, they have mentioned "Estimated total income from the sources mentioned below:" (entry number 22 of form 15G) - the salary that I was paid in 2005 for the assessment year 2017-18. I have already paid tax on that salary in the AY 2006-07.
Just wanted to know if this is in order and would this amount (not the PF accumulated but the salary of 6 months) have to be considered while calculating income for AY 2017-18.
Thanks, Ajay
From India, Delhi
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I left a job in 2005 after working for a period of 6 months. My PF account with that company became dormant since then. I recently got in touch with them for PF withdrawal. They have given me the relevant forms (19, 10c, and 15G).
I wanted to know if form 15G is mandatory. Even if it's mandatory, they have mentioned "Estimated total income from the sources mentioned below:" (entry number 22 of form 15G) - the salary that I was paid in 2005 for the assessment year 2017-18. I have already paid tax on that salary in the AY 2006-07.
Just wanted to know if this is in order and would this amount (not the PF accumulated but the salary of 6 months) have to be considered while calculating income for AY 2017-18.
Thanks, Ajay
From India, Delhi
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