Ask Questions and get Answers Fast Free Online now

Normal Grid Pagination Scroll

Select a photo to attach.

Please select category!

EveryoneEveryone

Add Photo

Select Category

Soham Ghatak

Category : Taxabili..,

Solved

February 20, 2016 4:44 pm

Hi Amlan,

Thank you for the video you posted on youtube regarding Form 15G.

I although have a few questions.
I was working in a firm from August 2010 to July 2014. Then I left the firm.
Presently I am employed in a different firm since September 2014.

However I would like to withdraw the PF amoun...

Amlan Dutta

Amlan Dutta

Recommended

User

Hide Placeholder
Hide Discussion

Admin Typed, Most Liked:

Amlan Dutta

Here is a video for you https://youtu.be/Ou_4GHkOJi8

Understand what is lower TDS requisition certificate (form 15 G /H )...It is simply a request to the deductor that since your taxable income falls below threshold , so no TDS must be deducted ...Now , we both understand that in your case PF withdrawal is taxable since it is over 30000 Rs and since it is being withdrawn before 5 years .....so clearly , it will be in your scope of taxable income ...Now lets assume that you have no other taxable income for AY 2016 17 or , even if you have any , the sum total of such taxable total income is below threshold levels of 2.5 lakhs ....

Now think logically , if you were to pay taxes how much would it be

Clearly as slabs , it would be nil because your taxable income falls below threshold level and this is why you are requesting to the deductor that " hey , man , please don't deduct TDS because my income slabs don't require me to pay tax and in case you do deduct taxes (TDS) on my behalf , i will have to file refund return and claim back those deducted TDS as refund
It is therefore that one submits lower TDS requisition certificates ( be it form 15 G/H or whatever crap they call it )

As such , even if you have taxable PF withdrawals --say 40000 Rs , considering that your scope of taxable total income including such PF withdrawal is below threshold i.e say 1.8 lakhs , you are therefore logically required to submit form 15 G so that no TDS is deducted ....

However , in case you have taxable income exceeding threshold say 2.5 lakhs ( say PF withdrawal is 40000 and FD interest is 4 lakhs and no savings i.e total scope of taxable income is 4.4 lakhs which is greater than threshold levels i.e 2.5 lakhs for AY 2016 17 , then you will strike of form 15 G as not applicable while submitting it and you can add a remark that your taxable income is above threshold levels and so form 15 G is not applicable to you

So , deductor will now understand that it has to deduct TDS on your PF proceeds as per TDS provisions i.e at the rate of 10 % under TDS section 192 A ( provided your PAN has been submitted )

so clearly , you will have to see whether you qualify for 15 G or not and then decide ...
(In any event , submit PAN card else , not only will TDS be deducted then at higher rates , but you wont be able to take credit also of deducted TDS because it won't be mapped to your PAN and thereby your credit statement )

View Less

Here is a video for you https://youtu.be/Ou_4GHkOJi8<br /><br />Understand what is lower TDS requisition certificate (form 15 G /H )...It is simply a request to the deductor that since your taxable income falls below threshold , so no TDS must be deducted ...Now , we both understand that in your case PF withdrawal is taxable since it is over 30000 Rs and since it is being withdrawn before 5 years .....so clearly , it will be in your scope of taxable income ...Now lets assume that you have no other taxable income for AY 2016 17 or , even if you have any , the sum total of such taxable total income is below threshold levels of 2.5 lakhs ....<br /><br />Now think logically , if you were to pay taxes how much would it be <br /><br />Clearly as slabs , it would be nil because your taxable income falls below threshold level and this is why you are requesting to the deductor that " hey , man , please don't deduct TDS because my income slabs don't require me to pay tax and in case you do deduct taxes (TDS) on my behalf , i will have to file refund return and claim back those deducted TDS as refund<br />It is therefore that one submits lower TDS requisition certificates ( be it form 15 G/H or whatever crap they call it )<br /><br />As such , even if you have taxable PF withdrawals --say 40000 Rs , considering that your scope of taxable total income including such PF withdrawal is below threshold i.e say 1.8 lakhs , you are therefore logically required to submit form 15 G so that no TDS is deducted ....<br /><br />However , in case you have taxable income exceeding threshold say 2.5 lakhs ( say PF withdrawal is 40000 and FD interest is 4 lakhs and no savings i.e total scope of taxable income is 4.4 lakhs which is greater than threshold levels i.e 2.5 lakhs for AY 2016 17 , then you will strike of form 15 G as not applicable while submitting it and you can add a remark that your taxable income is above threshold levels and so form 15 G is not applicable to you<br /><br />So , deductor will now understand that it has to deduct TDS on your PF proceeds as per TDS provisions i.e at the rate of 10 % under TDS section 192 A ( provided your PAN has been submitted )<br /><br />so clearly , you will have to see whether you qualify for 15 G or not and then decide ...<br />(In any event , submit PAN card else , not only will TDS be deducted then at higher rates , but you wont be able to take credit also of deducted TDS because it won't be mapped to your PAN and thereby your credit statement )

Play

63 Does taxpayer have to submit form 15 G even if his PF withdrawal is taxable? (Soham Ghatak) - YouTube

63 Why is company accountant demanding me form 15 G for PF withdrawal when it is actually taxable? (Soham Ghatak) Project - Make Knowledge Free Understand wh...

February 21, 2016

Like Unlike
1 person

View remaining earlier 2 answers

Soham Ghatak

Video was very helpful. Thank you.

February 23, 2016

LikeLike Unlike

View all replies

Soham Ghatak

Hi Amlan,
I informed my employer that I am not eligible to submit FORM 15G, however my employer is still not convinced and asking me to submit FORM 15G.
Would like to know how to add a self declaration on FORM 15G, informing the IT department that Form 15G is not applicable for me?

I have already submi...

February 25, 2016

LikeLike Unlike

Anshul

Category : Taxabili..,

Solved

February 19, 2016 8:10 pm

How is the EPF A/c surrender/withdrawal receipts treated from income tax point of view and if the employer share towards the epf is taxable then how to get the details of employer share , employee share and interest accrued on them ??

Amlan Dutta

Amlan Dutta

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

It depends on when the EPF is being withdrawn/surrendered ...If after 5 years of continous service, then all of it is tax free ...you can discuss with the employer for details of EPF breakup

February 20, 2016

LikeLike Unlike

RISHI KUMAR

Category : HOW TO F..,

Solved

February 19, 2016 5:11 pm

Dear Intellectuals,

I am facing a big problem since last two months i want to file my ITR From AY 2015-16 with myself only for that i have seen near about 50-60 of Respected Amlan sir videos and i am from commerce background but my problem is regarding JRE JAVA FILE in my system i have installed l...

Amlan Dutta

Amlan Dutta

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

Please don't use words like intellectuals and stuff and please don't glorify our work ....just ask questions like normal people without saying "MKF does this , only MKF can do this , that ...we don't need all these stupidity ...glorifying or use of superlatives don't do anything in this site and it...

February 20, 2016

LikeLike Unlike

Anshul

Category : Revised ..,

Solved

February 19, 2016 11:52 am

Till how long one can revise income tax return can returns for 2008-2009 be revised ??

Anshul

Anshul

Recommended

User

Hide Placeholder
Hide Discussion

Admin Typed, Most Liked:

Amlan Dutta

You can no longer revise tax returns.....Revision can be done for one year from the end of the assessment year or completion of assessment whichever is earlier ....For FY 2008 09 , assessment year is 2009 10 , and so revision can be done maximum until 31st March 2011.

February 19, 2016

Like Unlike
2 people

Anshul

Sir,how many no of times one can revise the return and when is the assessment of the it returns done and how one comes to know whether the return of a particular A/Y year has been assessed or not.Does the intimation u/s 143(1)does account for assessment of return?? PLZ Clarify the assessment ? eage...

February 19, 2016

LikeLike Unlike

1 person

View all replies

Amlan Dutta

There is no restriction to the number of times ...once can revise any number of times until the return has completed assessment until 1 year from the end of the assessment year ....143(1) is intimation assessment and doesn't signify regular assessment i.e 143(3)...if you see under tax return filing...

February 20, 2016

LikeLike Unlike

1 person

Amlan Dutta

February 19, 2016

LikeLike Unlike

View all replies