Income Tax : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...
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 : The tribunal held that failure to consider relevant documents denied proper adjudication. It set aside the orders and allowed fres...
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 : 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...
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.
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.
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.
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.
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.
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 ending of […]
Explore the clarifications on the simplified procedure for Form 15G & 15H under section 197A of the Income-tax Act. Stay informed with Notification No. 9/2016 issued by the Government of India.
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.
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.
