The Income Tax Department has announced a new procedure regarding Form 15G & Form 15H.
These rules are relevant for the person responsible for making the payment and to whom these forms are submitted, let’s call him the DEDUCTOR.
IMPORTANT: If Form 15 G and 15H apply to you – make sure you submit the new forms as soon as possible. The declaration can now be provided in both paper and electronic form.
The new rules are applicable starting 1st October 2015 and Key Changes would be as follows:
- The person responsible for making a payment or the Deductor shall allot a UIN (Unique Identification Number) to each Form 15G and Form 15H received.
- The Deductor shall mention the particulars of these Form 15G & Form 15H received during any quarter of the financial year along with the unique identification number allotted by him in TDS Quarterly Statements, whether or not any TDS has been deducted by him.
- The Deductor is no longer required to submit physical copy of Form 15G & Form 15H to the Tax Department.
- However, these forms must be maintained by the Deductor for a period of 7 years from the end of the financial year in which these are received.
