As per the income tax rules, its mandatory for banks to deduct tax at source (TDS) in case the interest earned on your fixed deposit, recurring deposit, etc.

Recently, EPFO Unified portal launched a facility to submit EPF Form 15G for PF which allows the EPF members to withdraw PF online.

Additionally, this form can also be easily downloaded from the Income Tax Department website.

Moreover, you also have the facility to submit form 15G online on the website of most major banks of India.

According to section 192A of the Finance Act, 2015, EPF withdrawal will attract TDS (Tax Deducted at Source) if the amount of withdrawal is more than Rs.50, 000 and you worked for less than 5 years.

In Budget 2016, the limit was further raised to Rs.50,000.

One can also use Form 15H to fulfill the TDS exemption, the only difference is Form 15G is for those who are below 60 years of age, whereas, Form 15H is for those whose age is more than 60 years.

The first part is meant for individuals who want to claim no-deduction of TDS on certain incomes.

The following are the fields you need to fill out in the first segment of Form 15G.

If you dont have valid PAN details, your declaration will be treated as invalid.

Declaration in Form 15G can be provided by an individual but not by any firm or company.

You need to provide the investment account number (term deposit life insurance policy number employee code etc).

However, providing a false declaration in Form 15G just for the purpose of avoiding TDS can lead to a fine and even imprisonment under Section 277 of the Income Tax Act, 1961.

However, TDS is deducted only when total interest earned from all branches exceeds Rs 10,000.

Interest earned from fixed deposits, recurring deposits, and corporate bonds are always taxable.

Just submit it to the deductor, and they will prepare and submit it to the income tax department.

Please read the scheme information and other related documents carefully before investing.

Please consider your specific investment requirements, risk tolerance, investment goal, time frame, risk and reward balance and the cost associated with the investment before choosing a fund, or designing a portfolio that suits your needs.

Form 15G In Word Format