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Confused retiree: Which form to use to exempt my pension from PF contributions?

Milind

Milind Vadjikar  | Answer  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Apr 12, 2025

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Asked by Anonymous - Apr 11, 2025Hindi
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which form is use to fill for exemption of PF from salary

Ans: Hello;

PF is not optional.

Best wishes;
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

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Mutual Funds, Financial Planning Expert - Answered on May 23, 2024

Asked by Anonymous - May 16, 2024Hindi
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Hi My wife was employed in a company which paid her salary with monthly deduction of EPF from 2017-2020. She left that job. She joined again as a consultant in another company which doesn’t pay EPF. She files her taxes under 44AD We have not yet withdrawn her EPF money which has been accumulated. My queries 1) Tax implications of money withdrawn 2) whether we need to fill form 15G 3) What financial year to enter in form if I place request for withdrawal right now ?
Ans: Understanding EPF Withdrawal and Tax Implications
Withdrawing funds from your wife's Employees' Provident Fund (EPF) entails certain tax implications and procedural considerations. Let's delve into each of your queries:

Your proactive approach to understanding the tax implications of EPF withdrawal reflects your commitment to financial responsibility.

1. Tax Implications of EPF Withdrawal
EPF withdrawals are subject to tax considerations based on the duration of employment and the reason for withdrawal:

Tax on Withdrawal: If the EPF withdrawal occurs before completing 5 years of continuous service, it is taxable as per the Income Tax Act.
Tax-Free Withdrawal: EPF withdrawals after 5 years of continuous service are tax-free.
2. Requirement of Form 15G
Form 15G is a declaration under the Income Tax Act to claim TDS exemption on interest income. Whether your wife needs to submit Form 15G depends on the withdrawal amount and her total income:

No TDS for Amounts Below Threshold: If the EPF withdrawal amount is below the threshold specified by the Income Tax Department, no TDS is deducted.
Form 15G for TDS Exemption: If the withdrawal amount exceeds the threshold but the total income for the year is below the taxable limit, submitting Form 15G can prevent TDS deduction.
3. Financial Year for Form Submission
When filling out the withdrawal form, specify the financial year during which the withdrawal occurs:

Current Financial Year: If the withdrawal request is placed now, indicate the current financial year.
Previous Financial Years: If the withdrawal pertains to previous financial years, specify the respective financial years accurately.
Conclusion
Before proceeding with EPF withdrawal, consider consulting a tax advisor to assess the tax implications based on your wife's employment tenure and total income. This ensures compliance with tax regulations and maximizes the benefits of EPF withdrawal.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in

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