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Form 15G, 15H Validity Extended To Avoid TDS On Late Submission For FY21

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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.

 

Form 15G, 15H Validity Extended To Avoid TDS On Late Submission For FY21

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."

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.

Story first published: Saturday, April 4, 2020, 15:16 [IST]
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