CBDT relaxes time for submission of Forms 15G & 15H for FY 2020-21
Due to the outbreak of the COVID-19 virus, the CBDT has issued an order u/s 119 of the Income Tax Act 1961 regarding submission of Form 15G and Form 15H for Financial Year 2020-21.
Due to the severe disruption in the normal working of almost all sector of economy including functioning of banks, other Institutions etc.
CBDT has accepted that there can be instances that some eligible persons may not be able to submit the Form 15G and Form 15H timely to the Banks. This would result into the deduction of TDS by the Banks and other Institutions even where there is no tax-liability.
To mitigate such genuine hardship of such persons, the CBDT has invoked powers to issue the directions/ clarifications u/s 119 of the Act.
It has been stated that a person who had submitted valid Forms 15G and 15H to the Banks or other Institutions for F.Y. 2019-20, then these Form 15G and 15H will be valid upto 30.06.2020 for FY 2020-21 also.
It has been reiterated that the payer who has not deducted tax on the basis of said Forms 15G and 15H, shall require to report details of such payments/credits in the TDS statement for the quarter ending 30.06.2020 in accordance with the provisons of rule 31A(4)(vii) of the Income-tax Rules, 1962.
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