On Saturday, the Central Board of Direct Taxes (CBDT) notified on that it is allowing Form 15G or Form 15H submitted by taxpayers for the financial year 2019-20 to remain valid till 30 June 2020 for FY 2020-21.
Through its twitter handle, CBDT posted an order dated 3 April that "In case if a person had submitted valid Form 15G and Form 15H to the banks or other institutions for F.Y. 2019-20, then these Form 15G and Form 15 H will be valid up to 30.06.2020 for FY 2020-21 also. It is reiterated that the payer who has not deducted tax on the basis of the said Form 15G and Form 15H shall require to report details of such payments/credit in the TDS statement for the quarter ending 30.06.2020 in accordance with the provisions of the rule 31A (4)(vii) of the Income-tax Rules, of the Income-tax Rules, 1962."
To mitigate the genuine hardships faced by taxpayers due to the Covid-19 pandemic, CBDT issues notification https://t.co/JjOohJQoKy.275/25/2020-IT(B) dt 03rd April, 2020 regarding submission of Form 15G & 15H for FY 2020-21.#IndiaFightsCorona #StayAtHome #StaySafe pic.twitter.com/BTdYl3bO92— Income Tax India (@IncomeTaxIndia) April 4, 2020
The extension of the validity of these forms comes as a relief, especially to senior citizens, who are unable to visit banks amid the 21-day lockdown for submission. Taxpayers are generally required to submit them in the first week of April of every financial year to avoid TDS/ request for lower TDS on interest income on fixed deposits/bonds usually received from banks/other financial institutions.