New Form 15H and Form 15G applicable from 01-10-2015

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    New Form 15H and Form 15G applicable from 01-10-2015

    CBDT vide its Notification No. 76/2015/F.No.133/50/2015-TPL dated 29-09-2015 notified  New Form 15H and Form 15G applicable from 01-10-2015. In the new forms Government Simplifies the Format and Procedure for Self Declaration in new form No.15G or 15H to Reduce the Cost of Compliance and Ease the Compliance Burden for both, the Tax Payer and the Tax Deductor; Procedure for Submission of the Forms by the Deductor also Simplified;

    Accordingly for the FY 2015-16, please note that the Form No. 15G/15H is required to be submitted ONLINE WITH DIGITAL SIGNATURE on or before 7th April 2016.

    What is Form 15G and 15HTax payers seeking non deduction of tax from certain incomes (generally interest) are required to file a self declaration in Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961.

    One can submit Form 15G and Form 15H to the bank or any deductor requesting them not to deduct any TDS on certain income. Form 15H is for senior citizens who are 60 years or older and Form 15G is for everybody else.

    Who can submit 15G /15 H: Only resident Indian can submit form 15G / form 15H. NRI cannot submit those forms. Also note that individual and person can submit form 15G/ H and company and firm cannot submit those forms. However, AOP and HUF can submit those forms. Following conditions are to be fulfilled for submitting Form 15G / 15H:

    a) The estimated tax liability for the current year should be NIL and

    b) The income / interest for financial year for which Form 15G/H is submitted does not exceed basic exemption limit.

    DOWNLOAD NEW FORM 15H AND FORM 15G

    DOWNLOAD FILLABLE UTILITY OF FORM 15G AND 15H

    Payee Can Submit the Self-Declaration Either in Paper form or Electronically; the Deductor will Not Deduct Tax and will Allot a Unique Identification Number (UIN) to all Self-Declarations in Accordance with a well Laid Down Procedure to be Specified Separately.

    Tax payers seeking non-deduction of tax from certain incomes are required to file a self declaration in Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961 (‘the Act’). In order to reduce the cost of compliance and ease the compliance burden for both, the tax payer and the tax deductor, the Central Board of Direct Taxes (CBDT) has simplified the format and procedure for self declaration in Form No.15G or 15H.  The procedure for submission of the Forms by the deductor has also been simplified.

    Under the simplified procedure, a payee can submit the self-declaration either in paper form or electronically. The deductor will not deduct tax and will allot a Unique Identification Number (UIN) to all self-declarations in accordance with a well laid down procedure to be specified separately. The particulars of self-declarations will have to be furnished by the deductor along with UIN in the Quarterly TDS statements. The requirement of submitting physical copy of Form 15G and 15H by the deductor to the income-tax authorities has been dispensed with. The deductor will, however be required to retain Form No.15G and 15H for seven years.

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