Central Board of Direct Taxes (CBDT) Simplifies 15G,15H Declaration Procedures from today Thursday October 01,2015

 

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