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...
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 shall be in Form No. 15H.
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 responsible for paying any income of the nature referred to in sub section (1) or sub section (1A) or sub section (1C) of section 197A (hereinafter called “payer”) shall enable the payee to furnish the declaration in electronic form after due verification through an electronic process.
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 permitted to establish and manage their […]
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 197(1) or 197(1A) or 197(1C).
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
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 insurance […]
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 tax was not deducted in view of declaration of 15G or 15H form by the payee. We are also sending a separate communication to the non-compliant branches, attached in the list.
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.
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 their Office Memorandum F.No.275/36/2009-IT(B) […]
