Introduction: The Government of India, Ministry of Finance, Central Board of Direct Taxes, Directorate of Income-tax (Systems), New Delhi, issued Notification No. 9/2016 on 9th June 2016. The notification aims to simplify the procedure for Form No. 15G & 15H under section 197A of the Income-tax Act, 1961.
Detailed Analysis:
Background: The existing provisions of section 197A of the Income-tax Act state that tax shall not be deducted if the recipient furnishes a self-declaration in Form No. 15G/15H. The rules for filing such declarations were laid down in Rule 29C of the Income-tax Rules, 1962, via Notification No. 76/2015 dated 29.09.2015.
Procedures, Formats, and Standards: Sub-rule (2) and (8) of Rule 29C mandated the Principal Director General of Income Tax (Systems) to specify procedures, formats, and standards. Notification No. 04/2015 dated 1st December 2015 was issued to define the same.
Clarifications on Representations: The notification addresses representations seeking clarification on issues such as the due date for quarterly uploading of 15G/H declarations and the handling of Form 15G/15H received by the payer from 01.10.2015 to 31.03.2016.
Due Dates for Furnishing Declarations: The due dates for quarterly furnishing of 15G/15H declarations received by the payer from 01.04.2016 onwards are outlined. It specifies the dates for different quarters, ensuring timely compliance.
Furnishing Declarations Received Pre-2016: The notification provides clarity on the procedure for furnishing 15G/15H declarations received by the payer during the period from 01.10.2015 to 31.03.2016. Payers are directed to use the e-filing portal for submission.
Conclusion: The notification, signed by Deputy Commissioner of Income-tax (CPC-TDS) Thuingaleng, provides valuable clarifications on the procedural aspects of Form 15G & 15H. It not only defines due dates for compliance but also addresses concerns raised by stakeholders. Staying informed about these clarifications is crucial for entities dealing with tax deductions, ensuring smooth and compliant processes.
******
F.No. DGIT(S)/CPC(TDS)/DCIT/15GH/2016-174539
Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income-tax (Systems)
New Delhi.
Notification No 9/2016 Dated: 09th June, 2016
Subject: Simplification of procedure for Form No. 15G & 15H –Clarifications -rag
The existing provisions of section 197A of the Income-tar Act, 1961 (The Act) inter alia provide that tax shall not be deducted, if the recipient of certain payment on which tax is deductible furnishes to the payer a self declaration in Form No. 15H/15H in accordance with provision of the said Section. The manner at filing such declarations and the particulars have been laid down in Rule 29C of the Income-tax Rules, 1962 (The Rules) w.e.f. 01.10.2015 vide Notification No. 76/2015 dated 29.09.2015.
2. As per sub-rule (2) and (8) of rule 29C of the rules notified vide aforesaid notification, the Principal Director General of Income Tax (Systems) is required to specify the procedures, formats and standards for the purposes of furnishing and verification of declaration and allotment of Unique Identification Number in pursuance of the same. Principal Director General of Income tax (Systems) has issued Notification No. 04/2015 dated 1st December 2015 to notify the procedure formats and standards.
3. Representations have bee received for clarification on the following issues:
(a) Due date for quarterly uploading of 15G/H declarations by payers on e-filing portal.
(b) The manner for dealing with Form 15G/15H received by payer during the period from 01.10.2015 to 31.03.2016.
4. In this regard, it is hereby specified that:
(a) The due date for quarterly furnishing 15G/15H declarations received by payer from 01.04.2016 onwards shall be as given below:
| Sl. No. | Date of ending of the quarter of the financial year | Due Date |
| (1) | (2) | (3) |
| 1. | 30th June | 15th July of the Financial Year |
| 2. | 30th September | 15th October of the Financial Year |
| 3. | 31st December | 15th January of the Financial Year |
| 4. | 31st March | 30th April of the Financial Year immediately following the financial year in which declaration is made. |
(b) The payer shall furnish 15G/15H declarations received during the period from 01.10.2015 to 31.03.2016 on e-filing portal (http://incometaxindiaefiling.gov.in) in the given format on or before 30th June, 2016.
(PS. Thuingaleng)
Dy. Commissioner of Income-tax (CPC-TDS)
O/o The Pr. Director General of Income Tax (Systems)
Simplification means, for whom?