Form 15G is a self-declaration form that individuals can submit to avoid Tax Deducted at Source (TDS) on income such as EPF withdrawals, fixed deposits, or interest earnings. This form is particularly beneficial for individuals whose total income is below the taxable limit and who wish to prevent premature tax deductions.
To be eligible to submit Form 15 G, an individual must meet the following conditions:
Form 15 G can be obtained through multiple sources:
The Employees’ Provident Fund Organisation (EPFO) deducts TDS on EPF withdrawals if the withdrawal amount exceeds Rs. 50,000 and the employee has not completed 5 years of continuous service. However, if Form 15 G is submitted, TDS will not be deducted, provided the individual meets the eligibility criteria.
TDS is applicable in the following cases:
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TDS is not deducted in the following cases:
To fill Form 15 G for EPF withdrawal, follow these steps:
When filling out Form 15G, keep the following instructions in mind:
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Individuals can now submit Form 15G online through the following methods:
Form 15G is an essential document for individuals seeking TDS exemption on EPF withdrawals, fixed deposit interest, and other income sources. It is crucial to understand the eligibility criteria, filling process, and submission guidelines to avoid any complications. Always ensure that the form is filled correctly and submitted promptly to prevent unnecessary deductions.
Individuals below 60 years of age whose total income is below the taxable limit can submit Form 15G.
Form 15G can be submitted online through the EPFO portal or physically at the EPF office while withdrawing funds.
No, you should not submit Form 15G if your total taxable income exceeds the exemption limit.
If Form 15G is not submitted, TDS will be deducted, and you may have to claim a refund later by filing an income tax return.
Yes, Form 15G is valid for one financial year and must be submitted every year if required.
Yes, but you must declare all fixed deposits while submitting Form 15G.
You can check the status of Form 15G submission through the respective bank’s portal or EPFO website.
Form 15G is for individuals below 60 years, while Form 15H is for senior citizens to claim TDS exemption on interest income.
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