Income Tax : Learn how Form 121 helps eligible taxpayers stop TDS on bank interest. The key is ensuring your estimated tax liability is nil and...
Income Tax : The new Form 121 merges earlier forms into a single declaration system for TDS exemption. It simplifies compliance while ensuring ...
Income Tax : A clear breakdown of when TDS applies to life insurance payments, threshold limits, rates, exemptions, and how income is computed ...
Income Tax : Tax not deducted if Form 15G or 15H filed by eligible individuals. Explains filing process, UIN generation, reporting, and 7-year ...
Income Tax : Understand Form 15G & 15H for no TDS on interest. Learn who should file, deadlines, online submission, and penalty details....
Income Tax : ITAT Chandigarh deleted a ₹7.48 lakh tax demand against Punjab National Bank for assessment year 2016-17 finding that submitted ...
Income Tax : The ITAT Nagpur overturned an income tax disallowance in Ghalani's case due to late filing of Form 15G/H, citing valid legal groun...
Income Tax : Punjab and Haryana High Court grants waiver of Section 234A interest in tax case, considering old age and illiteracy of the taxpay...
Income Tax : In a case between Salem Urban Co-op Bank Ltd. and the Income Tax Officer, Madras High Court allows appeal, permitting waiver of 10...
Income Tax : Analysis of ITAT Ahmedabad's decision in Unity Dye Chem Pvt. Ltd. vs CIT case. Penalty under section 271C not applicable if TDS no...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : Further, on payments to Non-residents (including foreign companies) having Permanent Establishment in India, where the above appli...
Income Tax : To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the Ba...
Income Tax : 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, na...
Income Tax : Representations have been received for clarification on the issue as to whether a depositor should submit only one declaration in...
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 […]
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 considering […]
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 […]
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 can be accepted as per this note, but his tax liability shall be nil after taking into account the rebate available to him under the said section 87A.
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 […]
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
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 Direct Taxes (CBDT) has simplified the format for self declaration in Form No.15G or 15H. The procedure for submission of the Forms by the deductor has been specified under rule 29C of Income-tax Rules, 1962.
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 who can submit form no. 15G and 15H and the precautions to be taken while filing these forms.
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
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 submission of Form No. 15G & 15H.
