Form 15G

Filing of Form 15G/15H for rental payments

Income Tax - The provision of sub-section 194-I of the Act, inter alia, provides for tax deduction at source (TDS) for payments in the nature of rent beyond a threshold limit. The existing provisions provide threshold of Rs. 1,80,000 per financial year for deduction of tax under this section. ...

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Form No. 15G and 15H: Procedure to e-file by deductor

Income Tax - CBDT prescribed form No. 15G & 15H for Declaration under section 197A (1)(1A), for an individual or a person (not being a company or a firm) claiming certain receipts without deduction of TDS....

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Filing of Form 15G / Form 15H – An Analysis

Income Tax - Various representations have been received by the CBDT seeking 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 (i.e. deductor) or Form 15G/15H has to be submitted each and every time the payment is due to be rec...

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Guidelines for Income Tax Deductees- ensure you have correct tax credit!

Income Tax - Tax deductee is a person who receives certain prescribed payments like salary, interest, commission, brokerage, rent etc. after deduction of tax at source...

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All you need to know about Form 15G

Income Tax - Usually, banks deduct TDS (Tax Deducted at Source) when the interest which is earned by a taxpayer exceeds INR 10,000. However, in case the total income of such taxpayer doesn’t exceed the taxable limit, such taxpayer can submit Form 15G to his or her bank requesting not to deduct TDS on his or her interest which he/she has earned in th...

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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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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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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 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"

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 liability […]...

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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, or disposal of their applications, whiche...

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Filing of Form 15G/15H for rental payments

The provision of sub-section 194-I of the Act, inter alia, provides for tax deduction at source (TDS) for payments in the nature of rent beyond a threshold limit. The existing provisions provide threshold of Rs. 1,80,000 per financial year for deduction of tax under this section. ...

Read More
Posted Under: Income Tax |

Form No. 15G and 15H: Procedure to e-file by deductor

CBDT prescribed form No. 15G & 15H for Declaration under section 197A (1)(1A), for an individual or a person (not being a company or a firm) claiming certain receipts without deduction of TDS....

Read More
Posted Under: Income Tax | ,

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)....

Read More

Filing of Form 15G / Form 15H – An Analysis

Various representations have been received by the CBDT seeking 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 (i.e. deductor) or Form 15G/15H has to be submitted each and every time the payment is due to be rec...

Read More
Posted Under: Income Tax | ,

Guidelines for Income Tax Deductees- ensure you have correct tax credit!

Tax deductee is a person who receives certain prescribed payments like salary, interest, commission, brokerage, rent etc. after deduction of tax at source...

Read More
Posted Under: Income Tax |

All you need to know about Form 15G

Usually, banks deduct TDS (Tax Deducted at Source) when the interest which is earned by a taxpayer exceeds INR 10,000. However, in case the total income of such taxpayer doesn’t exceed the taxable limit, such taxpayer can submit Form 15G to his or her bank requesting not to deduct TDS on his or her interest which he/she has earned in th...

Read More
Posted Under: Income Tax |

Form 15G -For Non deduction of TDS on Interest for Individuals & HUF

Form 15G is a self-declaration form which can be filed by the eligible persons for applying for non-deduction of tax in case the total income of the eligible person doesn’t exceed the exemption limit of the respective financial year....

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Posted Under: Income Tax |

Submit Forms 15G and 15H by year end but take certain care

Submit 15 G or 15 H before the year end to avoid tax deduction from your interest Of late I have been receiving many queries from the readers about submission of forms to the banks so as to ensure that the bank does not deduct tax at source. In order to address those queries I […]...

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Posted Under: Income Tax | ,

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