Form 15G and Form 15H – Avoid TDS
TDS stands for “Tax Deducted at Source.” On October 15, 2015, the Income Tax Department reported a new plan of action for Form 15G and Form 15H. This article will focus on the fundamental changes that happened in Form 15G and Form 15H.
What is Form 15G And Form 15H?
Form 15G and Form 15H forms are self-declaration forms that we have to submit to the bank. These are the requesting form for not deducting the TDS (Tax Deducted at Source) on interest income as their income is below the BEL (Basic Exemption Limit). These forms will be filled online by visiting the bank’s website.
Note-Bank would ask you for the PAN card during the form submission, either online or offline.
- A UIN (Unique Identification Number) has been allotted to the person who will make the payment by Deductor.
- TDS Quarterly statements were maintained by Deductors that whether or not any TDS will be deducted along with the UIN.
- These Deductors do not require any hard copy of Form 15G and Form 15H for submission.
- Deductors monitored form 15G and Form 15H for seven years from the financial year in which these are received.
Who can Submit Form 15H and 15G?
Form 15H is specifically for the person above or equals to age 60, and any age group can submit that of Form 15G.
|Form 15G||Form 15H|
|Residential with age less than 60||Resident with age greater than 60 (i.e., a senior citizen)|
|Tax is equaled to NIL||Tax is equaled to NIL|
|Interest is less than BEL (which is 2.5 lakhs for the year 2021-22)||NIL|
|Nonresident can’t claim the benefits of Form 15G and Form 15H||NIL|
When will We Have to Submit Form 15G & Form 15H?
These forms are valid for one financial year, so we have to submit this form every year. At the beginning of the financial year, these forms (Form 15G and Form 15H) have to be submitted. Submitting the form at the beginning of the financial year, the bank does not deduct any TDS (Tax Deducted at Source) on our interest.
The government has considered the pandemic situation and extended the dates for submitting Form 15G and Form 15H from 01-04-2020 till the first week of July 2020.
Where Else can we Submit Form 15G and Form 15H?
We can submit:-
- TDS on EPF Withdrawal.
- TDS on Post Office
- TDS on rent
- LIC Premium
- TDS on Corporate Bonds
- TDS on Insurance Commission
EPF Withdrawal Form
We used the form to withdraw our EPF amount called EPF (Employee Pension/Provident Scheme) Withdrawal Form. We need to submit the paper for taking our EPF amount.
Documents Required: –
Aadhaar Card and PAN Card.
- If you are unemployed for at least two months, you can withdraw your EPF amount. And if you get a new job within two months, you can transfer your PF account to the new account.
- Suppose you are unable to get a new job after 36 months from leaving the company. In that case, you can apply for the settlement before 36 months because after a while, your interest will not be counted, and you gain zero interest on your EPF amount, and the account will be inoperative.
- If an employee passes away in between the terms, then his or her family can claim the EPF amount.
- You can take the claim of your EPF (Employee Pension Scheme) after retirement.
Before withdrawing the EPF, any individuals can make use of the EPF Balance SMS check option to check their EPF balance and withdraw the amount accordingly.
How to Withdraw EPF?
There are various ways to claim your EPF.
By filling the Form 19, the employee can withdraw both EPF, employee, and employer contributions.
The employee can withdraw the lump-sum amount of his or her EPF; they can request settlement if they want.
For settlement of their respective EPF account, Form 19 has to fill by them. After that, they can withdraw all their funds from their EPF account.
This form consists of 2 pages that require your basic details:-
- Father’s Name/ Husband’s Name (for married woman)
- Name of the organization
- Account Number & UAN
- Date of Joining
- Date of Leaving
- Reason for Leaving
- Postal Address (Same as given in Aadhaar)
- PAN Number
- Mode of Payment
There are some prerequisites for filling the Form 19:-
- You need to visit the EPF member portal and activate your UAN.
- Link all your essential documents with the UAN like, Aadhaar, PAN, Account, and Mobile Number.
- If Form 19 is not displayed, you are not eligible for the final settlement of your PF Account.
However, if you are not eligible for Form 19, you can find Form 10C and Form 10D as well.
Form 10C and Form 10D
As we already see, Form 10C and Form 10D will be filled in the substitution of Form 19 Unavailability. Both Form 10C and Form 10D have different functions.
- If you are filing Form 10C, this is for pension withdrawal
- And if you are filling Form 10D, then it is for monthly pension.
2.1 Form 10C
If you have worked with an organization for more than ten years, you will get a Scheme Certificate. This Scheme Certificate helps you to get the benefits of the Pension Fund withdrawal process through Form 10C.
Form 10C contains four pages that require basic details:-
- Father’s Name or Husband’s Name (for married women).
- Name and Address of Your last Organization.
- Office establishment details
- Date of Joining
- Date for leaving
- Reason for leaving
- Accept Scheme Certificate instead of withdrawal benefits
- Details of Family –
- Relationship with the member
- Name of the guardian (for minors)
- Details of the member and nominee
In case of death of the member after the age of 58 years
- Payment mode
- Whether you are applying to avail pension under EPS, 1995
- Signature (along with the organization’s seal)
- Advance Stamp Receipt – settlement receipt for pension in the savings account
- Employee Scheme Certificate
|<50||<10||10C||Withdrawal + Scheme Certificate|
|<50||>10||10C||Scheme Certificate (No Withdrawal Benefit)|
|>50 & <58||>10||10C 10D||Scheme Certificate or reduced Pension|
|>50 & <58||<10||10C||Withdrawal and Scheme Certificate|
2.2 Form 10D
Employees have already been enrolled for EPS (Employee Pension Scheme). Form 10D is a pension withdrawal form after the age of 58. Form 10D is filling after retirement and has to submit in the office of EPFO. The employer can fill the document itself, but the only mode available for filling Form 10D is offline. In case of the death of the employer, the nominee will have to fill the form.
There are various type of pensions which can be claimed with the help of Form 10D:-
- Superannuation Pension
- Reduced Pension
- Disablement Pension
- Widow &Amp; Children Pension
- Orphan Pension
- Nominee Pension
- Dependent Parent
- Form 10D will be filled by the employer itself and has to verify with the last organization officer.
- Documents required documents are enlisted on Form 10D.
- The employer has to submit Form 10D to its regional office after that verification.
- EPF officer cross-checks the documents and initiates the process.
If the employee dies in between the terms, then Nominee or Beneficiary or Legal applicant can apply for the EPF. In this kind of accidental case, the final settlement can be done by filling the Form 20.
Under the EDLI Scheme and EPS Scheme (for the widow, orphan pension), the family member has the insurance covered up to 6 lakhs. Somebody can also claim Form 20 in place of a minor or a lunatic.
There is only one way you can fill Form 20, and that is OFFLINE.
Note (Documents)– A death certificate is mandatory while filling the form.
How to Fill the EPF Form 20?
Any family member can fill the form and submit it to the EPF Commissioner’s office with all the required documents.
The following information does require at the time of submission:-
- Father’s Name or Husband’s Name (for married women)
- Name and Address of the Organization
- EPF Account Number
- Date of Leaving
- Date of Death (dd/mm/yyyy)
- Marital status (on the day of his/her death)
- Canceled Cheque
- EPF Form 51 F
- EPF Form 10C
- EPF Form 5 ID
- Guardianship Certificate
(It consists of a total of 3 pages)
Form 51 F or Form 5 IF
Form 51 F is filled by the employee’s family member (legal) to claim the insurance after the deceased of the active employer.
The Particulars in respect of the deceased member
- Name of the Deceased member
- Father’s Name or Husband’s name (for married woman)
- Date of Death
- Name and Address of the last Organization
- Provident Fund Account No
Details of the Claimant/Guardian
- Relation with the deceased
|Age||EPS||EPF Form||Claim Methods|
|<58 and working||–||10D 51 F||Monthly pension by 10D and EDLI Insurance by 51 F|
|<58 and not working||–||10D||Monthly pension by Form 10D|
|>58 and working||>10||10D 51 F||Monthly pension by 10D and EDLI Insurance by 51 F|
|>58 and working||<10||10C 51 f||Withdrawal by 10C and EDLI Insurance by 51F|
|>58 and not working||>10||10D||Pension by 10D|
|>58 and not working||<10||10C||Withdrawal|