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...
Read MoreIncome 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...
Read MoreIncome 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 ...
Read MoreIncome 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...
Read MoreIncome 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 ...
Read MoreCanara 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...
Read MoreAllahabad 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...
Read MoreJCIT 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 MoreNA - (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...
Read MoreF. 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...
Read MoreNotification No. 41/2019 – Income Tax [G.S.R. 375(E),] - (22/05/2019) - In the Income-tax Rules, 1962, in Appendix II, in Form No. 15H in Part II, in note 10, the following proviso shall be inserted, namely: Provided that such person shall accept the declaration in a case where income of the assessee, who is eligible for rebate of income-tax under section 87A, is higher...
Read MoreNotification 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...
Read MoreNotification 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....
Read MoreCanara Bank Vs DCIT (ITAT Delhi) -
Allahabad Bank Vs ITO (ITAT Delhi) -
NA - 04/04/2020
F. No. 275/25/2020-IT(B) - 03/04/2020