Form15g for full pf withdrawal

Save Share

This query is : Resolved

Quick Summary

An employee who left after 14 years of service wants to withdraw their PF and pension. They are a taxpayer and need to know if Form 15G is applicable for their withdrawal amount of Rs 3 lakhs, considering their total estimated income. However, Form 15G is only for individuals below the taxable income threshold, and PF withdrawals after 5 or more years of continuous service are generally tax-exempt, making Form 15G irrelevant in this case.

Ajay

Ajay (Querist)
Follow

06 July 2020 Dear Sir,
Good Morning,
One of our staff left organisation on 14.03.2020 & she is working as an consultant in our organisation.
She has worked for 14yrs in our company. Now, she wants to withdraw Pf (Rs3 lakhs) & pension amt (Rs.1 Lakh).

She need to fill Form 15G. She is a tax payer & filed ITR for fy 2018-19 (Ay 2019-20). Please help me to fill SLNo.17 Estimated total income of the py (ie. Rs.3Lakhs (pf) + Rs.3.33Lakhs(yearly income)=total Rs.6.33Lakhs. (is it right)
Please let me know after submission of form15g for Rs.6.33Lakhs whether TDS will be deducted or not.
Thanking you,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

06 July 2020 No tax payable on PF withdrawal after 14 years of service.
Taxable person can't give 15g form. Only it can be given by persons having below taxable income.