Form 15H

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

Income Tax - 1. What is Form 15G and 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 […]...

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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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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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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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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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CBDT issues notification for amendment of Form No. 15H

Notification 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...

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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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Recent Posts in "Form 15H"

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

1. What is Form 15G and 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 […]...

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Posted Under: Income Tax |

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 |

Automated Form 15H Excel Utility

You can keep and generate 2000 parties Form 15H by using this utility with in seconds.Simple to generate as and when require Form 15H 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...

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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 liability […]...

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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. ...

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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....

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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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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...

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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...

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Posted Under: Income Tax |

How to avoid TDS by Bank if you’re a Senior Citizen 

According to the Income Tax Act, the tax must be deducted by a bank before payment to the customer on payments such as interest, dividend, etc. However, in case amount of TDS (Tax deducted at Source) deducted by a bank on interest exceeds the income tax payable by such assessee, then such assessee is eligible […]...

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Posted Under: Income Tax |

Form 15H -For Non deduction of TDS on Interest for senior citizen

Form 15H is a self declaration which can be submitted by the eligible person for non-deduction of TDS on the specified income. Under the present article we would try to understand the applicable provisions, along with the frequently asked questions, attached with form 15H. Eligibility criteria – The taxpayer who is willing to file a [&h...

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No TDS u/s 194A for Senior Citizens upto Rs. 5 lakhs

Notification No. 41/2019/F. No. 370142/5/2019-TPL (03/06/2019)

CBDT has issued a notification dated 22nd May, 2019 stating that Senior citizens having taxable income upto 5 lakhs can submit the Form 15H with the banks to claim TDS Exemption. The amendments by the CBDT states that banks and financial institutions would accept Form 15H from assessees whose tax liability is ‘nil’ after consi...

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Furnishing of Form 15H where no tax payable after Sec 87A Rebate

As per the amended provisions of Section 87A of the Income Tax Act,  from AY 2020-21 i.e. FY 2019-20 onwards a tax rebate to the extent of Rs. 12,500/- is available to individual assesses being resident in India whose total income during the year does not exceed Rs.5 Lacs. Example: Mr. A resident of India […]...

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CBDT issues notification for amendment of Form No. 15H

Notification 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 than the income for which declaration c...

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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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Download Form 15G & 15H with FAQs

Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form...

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Form No.15G and 15H & Related Procedures

Tax payers seeking non-deduction of tax from certain incomes are required to file a self declaration in Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961 In order to reduce the cost of compliance and ease the compliance burden for both, the tax payer and the tax deductor, the Central Board of ...

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Who can submit Form 15G & 15H & care to be taken in submission

This being the first quarter of the financial year, it is important, for all the people who want to receive interest without deduction of tax, to submit form no. 15G and 15G immediately to the banks Recently the in respect of particulars to be furnished and how to furnish these forms have been substantially amended. Let us discuss as to...

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TDS and Form 15G/ Form 15H applicability

Some points to be taken care of while submitting Form 15G/Form 15H A. Criteria to be eligible to file form 15G i ) The assesse must be Individual, HUF, AOP ii) The assesse must be Resident iii) The assesse should be less than 60 years iv) Tax calculated on total income should be NiL...

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Submitting Form No. 15G & 15H -Points to Remember

Very often, readers keep enquiring about the submission of forms No. 15G/15H to the banks or others payer so that interest could be received without deduction of tax at source (TDS). In this column, I am covering all about Form No. 15G & 15H and hopefully the detailed elaboration hereunder would provide a comprehensive picture about the s...

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Form 15G / Form 15H- File details correctly in TDS return

Centralized Processing Cell (TDS) has observed from its records that Flag B is not being raised for 15G/ H Forms in quarterly TDS Statements filed. ...

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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 due to be received from the deductor....

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Budget 2017: No TDS deduction on Insurance Commission on Filing of Form 15G/15H

It is proposed to amend section 197A so as to make them eligible for filing self-declaration in Form.No.15G/15H for non-deduction of tax at source in respect insurance commission referred to in section 194D....

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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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CBDT Notifies due date for furnishing 15G/15H declarations

CBDT has vide Notification No 1/2016 Dated: 09th June, 2016 notified due date for furnishing 15G/15H declarations for the period from 10.10.2015 to 31.03.2016 and for the period starting from 01.04.2016. The due date for quarterly furnishing of 15G/15H declarations received by the payer from 1.4.2016 onwards shall be: Sl. No Date of endin...

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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 Section....

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Tax Compliances by Banks- Form 60, 61, 15CC, 15G & 15H

Person who has received declaration in Form No. 60 on or after 1st January, 2016 in relation to transactions specified in Rule 114B shall : 1. Furnish a statement in Form 61 containing particulars of such declaration to the Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data....

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Furnishing of UID in Form 15G/15H for Q3 & Q4 of FY 2015-16

Circular No 18/2016-Income Tax (23/05/2016)

CBDT relaxes condition of furnishing of Unique identification number allotted by the deductor for the quarter ending 31.12.2015 and 31.3.2016 in quarterly statement of deduction of tax in accordance with sub-rule (5) of Rule 29C....

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Procedure for Online filing of Form 15G & Form 15H

CBDT (DIT-Systems) Notification 7/2016 (04/05/2016)

As per sub-rule (1) of rule 29C (Declaration by person claiming receipt of certain incomes without deduction of tax) of the Income-tax Rules, 1962 (hereunder referred as the Rules) a declaration under sub-section (1) or under sub-section (1A) of section 197A shall be in Form No. 15G and declaration under sub-section (1C) of section 197A s...

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

Notification No. 4/2015 - Income Tax (01/12/2015)

Notification No. 4/2015 - Income Tax Section 197A of the Income tax Act provides for no deduction in certain case by submitting a declaration using Form 15G/15H as laid down in Rule 29C of the Income tax Rules. The manner of filing such declaration and the particulars have been laid down in Rule 29C of the Income tax Rules. The person re...

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TDS on EPF and Submission of Form 15G & 15H

Simplification of Tax Deduction at Source (TDS) mechanism for Employees Provident Fund Scheme (EPFS) Under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 (EPF & MP Act, 1952), certain specified employers are required to comply with the Employees Provident Fund Scheme, 1952 (EPFS). However, these employers are also...

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Posted Under: Income Tax |

Form 15G & 15H- Electronic Filing-Rule 29C Revised

1) Introduction of Electronic mode of filing Form 15G & 15H (Alternate to Paper Form). No procedural rules has been prescribed as regard to filing of Form 15G. However, It seems Form 15G & 15H can be filed using Internet Banking facility or Similar facility for in case of Other institution which are making payment as provided in Section 1...

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Posted Under: Income Tax |

Form No.15G / 15H & related procedures wef 01.10.2015

Notification No. 76/2015 - Income Tax (29/09/2015)

Notification No. 76/2015 - Income Tax S.O. 2663 (E). - In exercise of the powers conferred by section 295 read with section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely...

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Form No.15G/15H for non TDS deduction on life insurance policy payment

Budget 2015-16 – Enabling of filing self-declaration in Form No.15G/15H for non-deduction of tax at source onpayment made under life insurance policy The Finance (No.2) Act, 2014, inserted section 194DA in the Act with effect from 1.10.2014 to provide for deduction of tax at source at the rate of 2% from payments made under life in...

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Report 15G/ 15H transaction & raise Flag B in Quarterly TDS Returns

CPC-TDS Communication to Banks Regarding Non reporting of 15G/H transaction in contravention of rule 31A (4) of Income Tax Rules read with section 200 of Income Tax Act. 1) In this regard, it is to inform you that ________ branches out of ________ active branches of your bank have not reported transaction of payment of interest on which t...

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TDS return under digital signature optional, new forms & rule to claim refund

Notification No. 11/2013 - Income Tax (19/02/2013)

Notification No. 11/2013 - Income Tax (1) These rules may be called the Income-tax (2nd Amendment) Rules, 2013. (2) They shall come into force on the date of their publication in the Official Gazette....

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Senior Citizens Savings Scheme, 2004 – Acceptance of Form 15-G from Nominees

DGBA.CDD.H-10566/15.15.001/2008-09 (05/06/2009)

Circular Ref. No. DGBA.CDD.H-10566/15.15.001/2008-09 Dated 5-6-2009 As you are aware, investors under Senior Citizens Savings Scheme, 2004 (SCSS) are eligible to file Form 15-G and 15-H to claim exemption from TDS on the interest payable on the deposits under the said scheme. 2. Central Board of Direct Taxes have now clarified, vide thei...

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