To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the Banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020. This will safeguard the small tax payers against TDS where there is no tax liability (Order passed on 03.04.2020).
F. No. 275/25/2020-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi
Dated-03rd April 2020
Subject- Order u/s 119 of the Income-tax Act, 1961 (the Act) regarding submission of Form 15G and 15H for Financial Vear-2020-21-reg‑
Due to outbreak of pandemic Covid-19 virus, there is severe disruption in the normal working of almost all sectors of economy including functioning of the Banks, other Institutions etc. Amidst such situation, there can be instances that some eligible persons may not be able to submit the Form 15G and 1511 timely to the Banks, other Institutions etc This would result into the deduction of TDS by the Banks and other Institutions even where there is no tax-liability. To mitigate the genuine hardship of such persons. the CBDT issues following directions/clarifications by exercise of its powers u/s 119 of the Act.
2. In case if a person had submitted valid Forms 15G and 15H to the Banks or other Institutions for F.Y. 2019-20, then these Form 15G and 15H will be valid up to 30.06.2020 for FY 2020-21 also. It is reiterated that the paver who has not deducted tax on the basis of said Forms 15G and 15H, shall require to report details of such payments/credits in the TDS statement for the quarter ending 30.06.2020 in accordance with the provisions of rule 31A(4)(vii) of the Income-tax Rules, 1962.
( Mahesh Kumar)
Director (IT-Budget), CBDT
|Form 15G & 15H submitted for FY 2019-20 would be valid up to 30.06.2020||F. No. 275/25/2020-IT(B)||03/04/2020|
|Lower/nil rate of TDS/TCS applications to be disposed liberally by 27.04.2020||F. No. 275/25/2020-IT(B)||03/04/2020|
|Lower or nil deduction of TDS/TCS and Submission of Forms 15G & 15H||NA||04/04/2020|
|Certificates for lower rate/nil deduction/collection of TDS or TCS- Reg.||F. No. 275/25/2020-IT(B)||31/03/2020|