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 October 1, 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 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.
Note
While Form 15H is submitted by senior citizens, 15G can be filed by an
individual whose taxable income is less than the exemption threshold
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