Govt simplifies format and procedure for Self-Declaration in form No.15 G or 15H
Updated: Sep 30, 2015 04:05:27pm
Tax payers seeking non-deduction of tax from certain incomes are required to file a self-declaration in Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961 (‘the Act’).
“In order to reduce the cost of compliance and ease the compliance burden for both, the tax payer and the tax deductor, the Central Board of Direct Taxes (CBDT) has simplified the format and procedure for self-declaration in Form No.15G or 15H,” Ministry of Finance today said in a release.
Under the simplified procedure, a payee can submit the self-declaration either in paper form or electronically.
The deductor will not deduct tax and will allot a Unique Identification Number (UIN) to all self-declarations in accordance with a well laid down procedure to be specified separately.
The particulars of self-declarations will have to be furnished by the deductor along with UIN in the Quarterly TDS statements.
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, the release added.
The revised procedure will be effective from October 1, 2015. (KNN Bureau)