Form 15G

Section 197A – No TDS Deduction – Form 15G & Form 15H

Income Tax - Form 15G and Form 15H are forms you can submit to prevent TDS deduction on your income, if you meet the conditions mentioned below. For this, PAN is compulsory. Some banks allow you to submit these forms online through the bank’s website. Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for everybody e...

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Understanding Dividend Income and related Taxes

Income Tax - Article explains/Contains  What is Dividend, Concept of Record Date, Payment of Unpaid Dividend, Claim of Unpaid Dividend, Transfer of Dividend to IEPF Account, Summary of Dividend Rates, Applicable Surcharge and Cess on Dividend, What is form 15G/15H, Dividend rate on FPI and Link to download the forms 15G, Form 15H and Form 10F. I -Wha...

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How to download Form 15G / 15H

Income Tax - As we all aware that tax payers seeking non-deduction of tax from certain incomes are required to file a self-declaration in Form 15G or Form 15H as per the provisions of Section 197A of the Act. The manner of filing such declarations and the particulars have been laid down in Rule 29C of the Income-tax Rules, 1962 ('the Rules'). Today I ...

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TDS Provisions related to Small Businesses & Covid 19 Relief

Income Tax - TAX DEDUCTION AT SOURCE (TDS) In order to ensure better tax compliance and ensuring the timely payment of tax to the Government treasury, a mechanism has been established by making it mandatory for certain persons responsible for making payment of some expenses to deduct tax from such payment and deposit it to the Government account. [&he...

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Extension of Validity of Nil/Lower Deduction Certificate & Form 15G & 15H

Income Tax - Due to outbreak of the pandemic COVIT-19, there is severe disruption in the normal working of almost all the sectors of economy including income tax department. In such a scenario, to mitigate hardships of assessee as well as officers, the CBDT issues various direction / clarifications by exercising of its powers A. Extension of Validity ...

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Examine Form No 15G/15H of depositor to whom Interest is paid- ITAT directs AO

Canara Bank Vs DCIT (ITAT Delhi) - Canara Bank Vs DCIT (ITAT Delhi) The fact of this case clearly shows that original order passed u/s 201(1) and 201(1A) of the Act on 24.03.2014 where the Assessee was found to be an assessee in default and also charged interest thereon comprising all the above sum. The appeal before the ld CIT(A) wa...

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No TDS default if Bank not deducts TDS of customer who furnishes Form 15G/15H even if their Interest Income exceeds taxable limit

Allahabad Bank Vs ITO (ITAT Delhi) - Asessee-bank had not deducted TDS under section 194A  in  respect  of  customers  who had provided Form No. 15G and 15H as the prime responsibility relating to TDS deduction u/s 201 was of the recipient assessee to pay the tax directly once they filed From No. 15G/15H and any tax liability woul...

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No default due to Non Deduction of TDS on Interest where Form 15G is Submitted

Bank of India Vs. JCIT (ITAT Jaipur) - The issue under consideration is whether assessee is considered as assessee in default u/s 201(1) and 201(1A) for non-deduction of TDS?...

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No interest allowance u/s 40(a)(ia) if deductee furnished Form 15G or 15H

JCIT Vs Karnataka Vikas Grameena Bank (ITAT Bangalore) - Disallowance of interest paid to persons who furnished Form 15 G and Form 15 H  should not be made u/s 40a(ia) for non deduction of TDS as the requirement of filing of Form 15G and 15H with the prescribed authority viz., CIT was only procedural and that could not result in a disallowance u/s 40a(ia...

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Addition for non TDS deduction not justified if form 15G been obtained

Sri Nidamanuri Nageswara Rao Korukonda Vs. ITO (ITAT Visakhapatnam) - Though the amount was credited to her account in the books of accounts of the assessee, the payment was not made to her and before making the payment and filing the return of income, the assessee had obtained the form 15G and forwarded to the Ld. CIT. Since the recipient was not having taxable incom...

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Lower or nil deduction of TDS/TCS & Submission of Forms 15G & 15H

NA - (04/04/2020) - Further, on payments to Non-residents (including foreign companies) having Permanent Establishment in India, where the above applications are pending, tax on payments made will be deducted at the subsidised rate of 10% including surcharge and cess, on such payments till 30.06.2020 of F.Y. 2020-21, o...

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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) - 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 l...

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Form 15G/15H to be furnished to Deductor- Once a Year or more?

Notification No. 6/2017-Income Tax - (30/05/2017) - Representations have been received for clarification on the issue as to whether a depositor should submit only one declaration in respect of the income each year before each person responsible for making the payment (Deductor) or Form 15G/15H has to be submitted each and every time the payment is d...

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CBDT Extends due date for quarterly furnishing of Form 15G/155H

Notification No. 10/2016-Income Tax - (31/08/2016) - Representations have been received with the request for extension of due date for uploading of Form 15G/15H received during the period 31.12.2015 to 31.03.2016 and also to extend the due date for uploading of Form 15G/15H received during the period from 1.4.2016 onwards....

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Simplification of procedure for Form No. 15G & 15H

DG Systems Notification No 9/2016-Income Tax - (09/06/2016) - 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 Se...

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Recent Posts in "Form 15G"

Examine Form No 15G/15H of depositor to whom Interest is paid- ITAT directs AO

Canara Bank Vs DCIT (ITAT Delhi)

Canara Bank Vs DCIT (ITAT Delhi) The fact of this case clearly shows that original order passed u/s 201(1) and 201(1A) of the Act on 24.03.2014 where the Assessee was found to be an assessee in default and also charged interest thereon comprising all the above sum. The appeal before the ld CIT(A) was filed […]...

Read More

Section 197A – No TDS Deduction – Form 15G & Form 15H

Form 15G and Form 15H are forms you can submit to prevent TDS deduction on your income, if you meet the conditions mentioned below. For this, PAN is compulsory. Some banks allow you to submit these forms online through the bank’s website. Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for everybody e...

Read More
Posted Under: Income Tax |

No TDS default if Bank not deducts TDS of customer who furnishes Form 15G/15H even if their Interest Income exceeds taxable limit

Allahabad Bank Vs ITO (ITAT Delhi)

Asessee-bank had not deducted TDS under section 194A  in  respect  of  customers  who had provided Form No. 15G and 15H as the prime responsibility relating to TDS deduction u/s 201 was of the recipient assessee to pay the tax directly once they filed From No. 15G/15H and any tax liability would be held as pending in recipient assess...

Read More

Understanding Dividend Income and related Taxes

Article explains/Contains  What is Dividend, Concept of Record Date, Payment of Unpaid Dividend, Claim of Unpaid Dividend, Transfer of Dividend to IEPF Account, Summary of Dividend Rates, Applicable Surcharge and Cess on Dividend, What is form 15G/15H, Dividend rate on FPI and Link to download the forms 15G, Form 15H and Form 10F. I -Wha...

Read More
Posted Under: Income Tax |

No default due to Non Deduction of TDS on Interest where Form 15G is Submitted

Bank of India Vs. JCIT (ITAT Jaipur)

The issue under consideration is whether assessee is considered as assessee in default u/s 201(1) and 201(1A) for non-deduction of TDS?...

Read More

How to download Form 15G / 15H

As we all aware that tax payers seeking non-deduction of tax from certain incomes are required to file a self-declaration in Form 15G or Form 15H as per the provisions of Section 197A of the Act. The manner of filing such declarations and the particulars have been laid down in Rule 29C of the Income-tax Rules, 1962 ('the Rules'). Today I ...

Read More
Posted Under: Income Tax |

TDS Provisions related to Small Businesses & Covid 19 Relief

TAX DEDUCTION AT SOURCE (TDS) In order to ensure better tax compliance and ensuring the timely payment of tax to the Government treasury, a mechanism has been established by making it mandatory for certain persons responsible for making payment of some expenses to deduct tax from such payment and deposit it to the Government account. [&he...

Read More
Posted Under: Income Tax |

Extension of Validity of Nil/Lower Deduction Certificate & Form 15G & 15H

Due to outbreak of the pandemic COVIT-19, there is severe disruption in the normal working of almost all the sectors of economy including income tax department. In such a scenario, to mitigate hardships of assessee as well as officers, the CBDT issues various direction / clarifications by exercising of its powers A. Extension of Validity ...

Read More
Posted Under: Income Tax |

Form 15G Excel Utility

You can keep and generate 2000 parties Form 15G by using this utility with in seconds,  Simple to generate as and when require Form 15G UIN (Unique Identification Number) will generate automatically as per the prescribed format...

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Posted Under: Income Tax |

Lower or nil deduction of TDS/TCS & Submission of Forms 15G & 15H

NA 04/04/2020

Further, on payments to Non-residents (including foreign companies) having Permanent Establishment in India, where the above applications are pending, tax on payments made will be deducted at the subsidised rate of 10% including surcharge and cess, on such payments till 30.06.2020 of F.Y. 2020-21, or disposal of their applications, whiche...

Read More

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