What is Form 15G and 15H in PF?

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.

Is it mandatory to fill Form 15H for PF withdrawal?

Form 15H for PF withdrawal has to be filled when you withdraw offline. Purpose of form 15H is to request EPFO not to deduct TDS. Such TDS is applicable only if one is withdrawing EPF before completion of 5 years of service and/or amount withdrawn is greater than Rs. 50,000.

Is Form 15H mandatory for PF withdrawal online?

Two forms namely 15G/15H are required to be filed to declare that the employeesincome would not be taxable after receiving the payment of their EPF accumulations from the retirement fund body. This form can also be submitted by you in case of tax on your total income including when the EPF balance withdrawn is nil.

Is 15G required for PF withdrawal?

EPF Form 15G must be filled in by the fixed deposit holders (individuals who are less than 60 years of age and HUFs – Hindu Undivided Families). EPFO has recently launched an online portal on which EPF members can submit their EPF Form 15G to withdraw their PF online.

Who is eligible for 15G?

Only resident individual taxpayers or HUF (Hindu Undivided Family) are allowed to submit Form 15G. Resident Individuals with an age of 60 years or more i.e. Senior Citizens are allowed to submit Form 15H. Companies, firms, the non-resident persons are not allowed to use these forms.

Is there any TDS on PF withdrawal?

If an EPF balance is withdrawn before 5 years of service, TDS is deducted at a rate of 10%. TDS will be deducted at the highest slab rate of 30% if PAN is not provided during withdrawal.

Who is eligible for form 15G H?

How can I get form 15H for PF withdrawal?

Form 15G for PF Withdrawal

  1. Login to EPFO UAN Unified Portal for members.
  2. Click on the ONLINE SERVICES option – Claim (Form 31, 19, 10C).
  3. Verify the last 4 digits of your bank account.
  4. Below the option, ‘I want to apply for’, click on Upload form 15G as depicted in the image.

How much amount of PF is tax free?

2.50 lakh every year
1) According to the new rules, any interest credited to provident fund account of an employee shall be tax free only for contribution up to 2.50 lakh every year and any interest on employee’s contribution over 2.50 lakh shall be taxed in the hands of the employee year after year.

What is the limit for 15H?

40,000 in a year for individuals other than senior citizens (for senior citizens, the limit is Rs. 50,000) under section 194A of the Income Tax Act.

How can I get Form 15H for PF withdrawal?