Get everything you need to configure and automate your companys workflows.Any person making a false statement in the declaration shall be liable to prosecution under section 277 of the Income-tax Act 1961 and on conviction be punishable i in a case where tax sought to be evaded exceeds twenty-five lakh rupees with rigorous imprisonment which shall not be less than six months but which may extend to seven years and with fine ii in any other case with rigorous imprisonment which shall not be less than.
Below I want to apply for, you will see Upload Form 15G as shown in the below image. Note:-Now you can raise an issue related to your EPF issues using the EPFO Whatsapp numbers. Form 15G In Word Format Full List OfFor details, refer the post EPF Whatsapp Helpline Numbers Full list of Regional Offices. Form 15G In Word Format Update Bank DetailsRefer my post How to correctupdate Bank details in EPFUAN online. TDS on EPF Withdrawal Rules Before jumping into know the process of submitting the Form 15G, let us first understand the rules related to TDS with respect to EPF withdrawal. I have already written a detailed post on this EPF Withdrawal Taxation-New TDS (Tax Deducted at Source) Rules. For your brief recap, I will share the below image which clears everything for you. If you are withdrawing the EPF after 5 years of service, then there is no TDS at all. Hence, if you worked for 3 years and kept the account idle for another 2 years, thinking you can avoid TDS means you are wrong. Even if you worked in multiple organizations but you retained the same EPF account, then such combined service period is considered as single and eligible for TDS exemption (if your combined all earlier employments contributory period is more than 5 years. When your service is less than 5 years and you are withdrawing the EPF, then during the financial year of your withdrawal, it is taxed under your head. Your employers contributions along with the accumulated interest amount will be taxed as profits in lieu of salary under the head Salary. Now you come to know who is eligible for TDS while withdrawing the TDS. Who are eligible to submit the Form 15GH while EPF withdrawal It is the biggest misconception among many of us that all individuals are eligible for submitting the Form 15G or 15H. Below are certain eligibility conditions to be followed before submitting the Form 15G or Form 15H. You have to submit either Form 15G or Form 15H when your total income does not exceed the basic exemption limit (in case of Financial Year 2019-20 the basic exemption limit for an individual is Rs.2,50,000, for an individual whose age is 60 years or more but less than 80 years then it is Rs.3,00,000 and for an individual whose age is more than 80 years then it is Rs.5,00,000). You can check the latest tax slabs in my latest post Latest Income Tax Slab Rates FY 2019-20 (AY 2020-21). If your estimated tax liability for the current financial year is NIL. Hence, all individuals are not eligible for submitting the Form 15G or Form 15H to avoid TDs. Do remember that Form No. G or 15H are self-declaration forms that can be furnished by individuals to state that their income is BELOW the taxable limit and hence no TDS should be deducted. The final tax on his estimated total income computed as per the provisions of the Income Tax Act should be nil. Do remember that as in case of other TDS, any TDS done with respect to your EPF withdrawal will also reflect in your Form 26AS. EPF Form 15G How to fill online for EPF withdrawal Now you have understood the TDS rules applicable to EPF and also you came to know what is Form 15G or 15H. Form 15G In Word Format How To Fill EPFLet us move on and understand the process of how to fill EPF Form 15G for online EPF withdrawal. Verify last 4 digits of your bank account as shown in the images below Then you will see the EPF withdrawal form.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |