15 G and 15 H Form
The following note from a news item is self explanatory. I hope it would help clear points raised by Mr Mohit Pande in his post during December:
CBDT simplifies procedure for filling 15G, 15H forms
Sep 30, 2015 19:48 IST
New Delhi: The CBDT has simplified the procedure for filing of self declaration by individuals in 15G and 15H forms, allowing them to do it electronically.
Forms 15G and 15H are filed by persons whose incomes are below the taxable threshold, to seek exemption from TDS on interest income.
The procedure for submission of the forms by the deductor has also been simplified and now they would allot a Unique Identification Number (UIN) to all self¬-declarations, according to a Central Board of Direct Taxes (CBDT) notification.
The revised procedure shall be effective from 1 October 2015, it added.
"In order to reduce the cost of compliance and ease the compliance burden for both, the tax payer and the tax deductor, the CBDT has simplified the format and procedure for self declaration of Form No 15G or 15H," it said.
The particulars of self declarations would have to be furnished by the deductor along with UIN in the quarterly TDS statements.
"The requirement of submitting physical copy of Form 15G and 15H by the deductor to the Income Tax authorities has been dispensed with. The deductor will, however, be required to retain Form No 15G and 15H for seven years," it added.
While Form 15H is submitted by senior citizens, 15G can be filed by an individual whose taxable income is less than the exemption threshold.
PTI
http://www.firstpost.com/business/cbdt-simplifies-procedure-for-filling-15g-15h-forms-2450874.html more
CBDT simplifies procedure for filling 15G, 15H forms
Sep 30, 2015 19:48 IST
New Delhi: The CBDT has simplified the procedure for filing of self declaration by individuals in 15G and 15H forms, allowing them to do it electronically.
Forms 15G and 15H are filed by persons whose incomes are below the taxable threshold, to seek exemption from TDS on interest income.
The procedure for submission of the forms by the deductor has also been simplified and now they would allot a Unique Identification Number (UIN) to all self¬-declarations, according to a Central Board of Direct Taxes (CBDT) notification.
The revised procedure shall be effective from 1 October 2015, it added.
"In order to reduce the cost of compliance and ease the compliance burden for both, the tax payer and the tax deductor, the CBDT has simplified the format and procedure for self declaration of Form No 15G or 15H," it said.
The particulars of self declarations would have to be furnished by the deductor along with UIN in the quarterly TDS statements.
"The requirement of submitting physical copy of Form 15G and 15H by the deductor to the Income Tax authorities has been dispensed with. The deductor will, however, be required to retain Form No 15G and 15H for seven years," it added.
While Form 15H is submitted by senior citizens, 15G can be filed by an individual whose taxable income is less than the exemption threshold.
PTI
http://www.firstpost.com/business/cbdt-simplifies-procedure-for-filling-15g-15h-forms-2450874.html more
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View all 13 comments Below 13 comments
It should be sufficient for self declaration with the PAN number. With this IT dept can put in 26 AS and can be checked by applicants.... more
Jan 16
how to get UIN ? please provide the method and corresponding form no. for applying for UIN. more
Jan 15
I APPRICIATE THAT INCOME TAX IS ONE OF THE BEST SOURCE OF INCOME FOR THE CENTRAL GOVERNMENT TO RUN THE NATION. THE GOVT. IS ALLOTING GOOD AMOUNT OF FUNDS FROM THIS INCOME FOR THE WELFARE AND ALSO FOR MEDICAL HELP ETC. IT SHOULD BE APPRICIATED THAT WHEN A PERSON, HAVING WORKED FOR ABOUT 40 PLUS YEARS IN THE COMPANY AND COMPULSORY SHARING INCOME TAX BEFORE GETTING SALARY IN THE HAND,WHY NOT NOW TAX SHOULD NOT BE TAXED ON PENSION PAYABLE TO THE RETIREES?THE PENSION IS ARRIVED FROM THE MONTHLY DEDUCTION OF PROVIDENT FUND AND NOT THE INCOME. HENCE PENSION INCOME SHOULD NOT BE UNDER TAXED. OFCOURSE, INTEREST ON DEPOSIT OF THE PENSIONERS MAY BE CONSIDER TO BE INCOME AND APPLICABLE TAX MAY BE DEDUCTED.THIS IS MY PERSONAL VIEW. more
Jan 15
It has not been stated how and who will allot UIN ? Why PAN is not sufficient ? SB interest rate should be raised to min. 5% and exemption limit be raised to 20 thousands. This will encourage people to keep their money in SB a/cs, encourage use of plastic cards and do their transactions through Banking channels. This will also help Banks to raise resources at low cost. more
Jan 15
