What Is Form 15G?
Form 15G is a self-declaration form that individuals below 60 years of age (and Hindu Undivided Families) can submit to request that no TDS (Tax Deducted at Source) be deducted on certain interest income — such as bank fixed deposit interest or EPF withdrawal — because their total income falls below the taxable threshold.
Why Form 15G Matters
- Prevents unnecessary TDS deduction for individuals whose total annual income is below the basic exemption limit, avoiding the need to later claim a refund through income tax filing.
- Commonly relevant for HR/payroll in the context of Provident Fund withdrawals — employees withdrawing PF before completing 5 years of continuous service may face TDS unless eligible and they submit Form 15G (or Form 15H for senior citizens).
- Must be submitted separately to each relevant deductor (bank, EPFO) for each financial year.
Eligibility Criteria for Form 15G
- Must be an individual (not a company or firm) below 60 years of age, or a Hindu Undivided Family
- Total estimated tax liability for the financial year must be nil
- Total income should be below the basic exemption limit applicable for that financial year
Form 15G in the Context of PF Withdrawal
When an employee withdraws their EPF balance before completing 5 years of continuous service, TDS may apply on the withdrawal (subject to specified thresholds and conditions) — eligible employees can submit Form 15G to EPFO to avoid this TDS deduction if their total income doesn't exceed the taxable limit.
Form 15G: Frequently Asked Questions
Who cannot submit Form 15G?
Does submitting Form 15G guarantee no TDS will be deducted?
This glossary entry is for general information and reflects common HR practice in India at the time of writing. Statutory thresholds, rates and deadlines change — verify against the latest official notifications or consult a qualified legal or tax advisor before acting.