CBDT gives extra time to file forms 15G, 15H until June 30
BENGALURU: The Central Direct Tax Board has extended the validity until June 30, 2020. These two forms are normally submitted by taxpayers, whose income is not subject to tax, to avoid taxes.
He has said, Due to the pandemic Covid-19 virus outbreak, there is a severe disruption to the normal operation of all sectors, including the operation of banks, other institutions. In the midst of such a situation, there may be cases where an eligible person may not be able to submit Form 15G and Form 15H on time.
Such failure to file could lead to tax deduction (TDS) by banks despite the fact that there is no tax obligation. To mitigate difficulties, the CBDT said: In case a person has submitted valid 15G and 15H forms to banks and other institutions for the 2019-20 fiscal year, these forms will be valid until June 30, 2020.
CBDT reiterated that the payer who has not deducted the tax based on forms 15G and 15H, must report the details of said payments or credits in the TDS statement for the quarter ending June 30, 2020 in accordance with the provisions of rule 31A (4) (vii) of the Income Tax Rules, 1962.