Pratik Shah

CBDT has vide Notification No. 76/2015, Dated : September 29, 2015 revised Rule 29C of Income Tax Rules, 1962 in respect to filing of Form 15G & 15H u/s 197A. Summary of this Notification is as follows :-

1) Introduction of Electronic mode of filing Form 15G & 15H (Alternate to Paper Form). No procedural rules has been prescribed as regard to filing of Form 15G. However, It seems Form 15G & 15H can be filed using Internet Banking facility or Similar facility for in case of Other institution which are making payment as provided in Section 197(1) or 197(1A) or 197(1C).

2)  Same is applicable w.e.f 01.10.2015

3)  Now Person responsible for making specified payment (like for eg. bank)  has to allot Unique Identification Number to each Form 15G & 15H either filed electronically or in paper form.

4)  Monthly reporting requirement of Form 15G & 15H to concerned Commissioner by payers has been now relaxed to Quarterly reporting requirement.

5) Corresponding to Rule 31A(4)(vii) regarding filing of certain details in Statement of Tax Deduction at source has also been incorporated in newly substituted Rule 29C.

6) Introduction of mandatory requirement to keep details of Form 15G & 15H for 7 years from end of financial year in which it is furnished. (For Deductors)

7) Old Form 15G & 15H has been replaced by New Compact Form with less reporting requirement.

8)  New Form requires details of All Form 15G or 15H filed  for Same FY with other Deductors also.

9) Done away with Details of FD Account Numbers, Rate of Interest, Date of Deposit and Period of Deposit reporting requirements (Details of Interest Schedule –III in Old Form).

(Author can be reached at pratik.shah@kcmehta.com)

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2 responses to “Form 15G & 15H- Electronic Filing-Rule 29C Revised”

  1. Chetan Shah says:

    Sir

    how does company electronically submit the 15G/15H form after creating xml.??

  2. Deepak Vibhute says:

    Sir what is the procedure of electronically submit declaration Forms 15G and 15H for Bank

    Form
    15G & amp; 15H- Electronic Filing-Rule 29C Revised – See more at:
    https://taxguru.in/income-tax/form-15g-15h-electronic-filingrule-29c-revised.html#sthash.AoTEFlDb.dpuf

  3. V.BASKARAN says:

    We generated UIN to 15G/15H. How to e-file 15G & 15H in incometaxindiaefiling.gov.in

  4. P. VENKATESHA says:

    Sir,
    Please provide me the new format of 15 G & 15 H to my mail.id.
    Thanks

  5. P. VENKATESHA says:

    Sir,
    Please provide me the new format of 15 G & 15 H to my mail.id.
    Thanks

  6. pURVI says:

    how to give unique identification number..what is the procedure for it

  7. Rao says:

    Do you have New 15G and 15H Forms?

    Pls. clarify whether new forms are to be submitted for the FY 2015-16?

    Thanks.

    • Pratik Shah says:

      Sir,
      You will find New prescribed form at the end of Notification. and This forms are applicable from 01.10.2015 onwards only.

  8. Varaprasad Daitha says:

    The said Notification does not specify what will happen to the earlier forms 15G / 15H. Does those who already filed form 15G / 15H are required to file the same forms in revised format again for the financial year 2015-16? Clarification is needed.

    • Pratik Shah says:

      Since this notification is applicable from 01.10.2015 only, Those who has already submitted their Form in earlier version, They do not require to re file the same. This is prospective change. Only 3rd Quarter TDS return will subject to UIN procedure.

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