Form15G for PF Withdrawal & Advances – Tax on EPF

Employees Provident Fund Organization (EPFO) allows a PF member to withdraw the PF amount either via PF Withdrawal (or) Advances. If a PF member tries to withdraw the PF amount before 5 years of service then TDS (Tax Deduction at Source) is applicable. This is where Form 15 G is necessary for filing PF withdrawal.

Table of Contents

• Form15G for PF withdrawal Eligibility
• Form 15G for an amount less than Rs 50000
• PAN Necessary if the amount is less than Rs 50000
• Form15G for PF Transfer & PF Advances

Form15G for PF withdrawal Eligibility

Form 15G should be filed and uploaded by the member only if the member meets any of the below criteria

• Years of Service is less than 5 years
• PF Withdrawal amount is greater than Rs 50,000

Form15G should be filed only if the PF withdrawal is Taxable, otherwise, it’s not necessary to file Form15 for PF withdrawal (If the amount is less than 50,000 then no need to file PF Withdrawal). This is also not applicable to any PF Transfers.

Form 15G for an amount less than Rs 50000

No Form 15G is not needed if the amount is less than Rs50,000 and also if the PF member has more than 5 years of service. If a PF member satisfies either of the above conditions then the Form 15G is not needed

PAN Necessary if the amount is less than Rs 50000

If the PF member has more than 5 years of service then PAN is not necessary. But if the PF member has less than 5 years of service and the withdrawal amount is more than Rs 50000 then PAN is necessary. If the PAN is not submitted, then the Tax on PF withdrawal would be 34%.

Let us say if you are withdrawing 1,00,000 then the tax would be Rs 35,0000!

Form15G for PF Transfer & PF Advances

Form 15G need not be submitted for PF Transfer as well as for PF Advances due to reasons beyond the control of the PF Member. Example: If the Establishment is closed or if the PF member is terminated then Form 15G need not be submitted. (Again Form15G is not needed if the PF member has more than 5 years of service)