The government has recently extended the deadlines for many important compliance as a statutory relief amid coronaviru crises in India. One of such important compliance is filing Form 15G and Form 15H. The form is usually submitted by April but since the entire nation is hit by the outbreak of this deadly disease, due dates for filing Form 15G and 15H have been extended till 30 June 2020. Income Tax Department has confirmed that taxpayers who are supposed to file Form 15G and 15H for the ongoing financial year can complete their filings till 30 June 2020 that would be without any penalty imposition.
The provision came into effect after the notification received from the Central Board of Direct Taxes which stated that form 15G and form 15H Know the details of Form 15G and 15H. How these forms can save TDS on interest income? We try to describe through these words. Read More that was submitted last year by the taxpayers will be valid till 30 June 2020. CBDT in the notification mentioned that if any assessees has filed Form 15G and 15H with any of the banks or financial institutions in the FY 2019-20, the form will be valid for FY 2020-21 till June 30, 2020.
About For 15G and 15H
Form 15H is to be filed under the name of the senior citizens whereas Form 15G is for the residents of India whose taxable income is less than the exemption limit.
Generally, both the forms are to be submitted by the eligible taxpayers in the respective banks or financial institutions till April but due to the current scenario, the due dates are being shifted till 30 June 2020.
The step has been taken by CBDT due to the lockdown announced by the Prime Minister. Apart from the extension in filing form 15G and 15H other important compliance like ITR filing Get all due dates of income tax return and payment of advance taxes for FY 2019-20 (AY 2020-21). We update the last date as per the IT notifications. Read More for FY 2018-19 has also been extended till 30 June 2020.
Initially, the due date for filing the annual form for FY 2018-19 was 31 August 2019 (without any penalty). Then from 1 September 2019 to 31 December 2019, returns could be filed by the taxpayer after paying Rs. 5000 as a penalty. From 1 January 2020 to 31 March 2020, annual returns for FY 2018-19 could be filed after paying Rs. 10,000 as penalty.
The due date for annual filing for FY 2018-19 has now been shifted from 31 March 2020 to 31 June 2020 along with some relaxation in the penalty given by the government.
My request is to extend the due date for submission of 15G, as the concerned persons are held up at other places due to lockdown. Please extend the due date for submission of 15G up to 31-08-2020.
I have submitted 15H form today I.e. 06/07/2020
Will deducted TDS in FY 20-21
My Above Comments Are Self Explanatory For CBDT ‘s / GOVT. ‘ s Favourable Early Consideration ;
TO START WITH THEY CAN ATLEAST ASK ALL THE BANKS , COMPANIES , NBFCs , FINANCIAL INSTITUTIONS
Etc. To Feed And Allow On – Line Submission Of Form 15 – H // 15 – G ; They Are Already Having
The P A N And AADHAAR NUMBER / And Other Particulars , OF ALL The Individuals , Which Will Go A
Long Way To Help The Individuals , Super Senior Citizens , Senior Citizens .
;
It Is Not Clear Why The CBDT / Government Is Hesitant And Is Not Dispensing With The Compulsion Of Submission Of FORM 15 – H For The Senior Citizens And Super Senior Citizens, To Mitigate The
Hardships Faced By Them. They Should Better Order That All Those ( Banks, Company, Financial
And Other Institutions ) Should Give / Post All The Interest Payments Etc. Made / Paid To Each And
Every Individual ( Irrespective Of Their Age, Whether General Citizens, Senior Citizens And / Or Super
Senior Citizens ) Irrespective Of The Fact Whether Any T D S Is Recovered / Deducted; This Will
Not Only Help The Income Tax And Other Authorities To Know The Exact Income Of The Particular
Individual, But All The Individuals Concerned, And If Any Tax Is To Be Paid By Any Individual
The Tax Authorities Can Ask Them To Pay The Interest On The Tax Amount Payable By That
Individual; Atleast The Super Senior Citizens And Senior Citizens Can Have A Sigh Of Relief ;
If The Concerned Authorities Apply Their Mind And Brain,, They Will Understand And Realise The
Problem / Hardship.
My request is to extend the submission date of 15H due to the concern persons are held up at other places in lockdown from where they have to submit 15H senior citizens in particular.
The post office is not taking form 15H even not updating passbook only you can deposit or withdraw money one cannot purchase NSC and do not want to listen As Sr. Citizen and sugar patient with high blood pressure at the of 74 years not possible to stand in queue for hours somebody suggests what to do?