Form 15g/h
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 October 2012
Dear Sir,
If a deductor receives form 15G or 15H from a deductee, then where these forms should be forwarded by that deductor, beside that he is mentioning them his tds returns.
Please clarify,
Thanks :)
If a deductor receives form 15G or 15H from a deductee, then where these forms should be forwarded by that deductor, beside that he is mentioning them his tds returns.
Please clarify,
Thanks :)
14 October 2012
Required to deliver on copy to the jurisdictional 'commissioner of income tax' on or before 7th day of the month next following the month in which declaration is received.
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 October 2012
Whether it can be submitted at local ITO office ?
25 July 2024
Form 15G and Form 15H are self-declaration forms submitted by individuals to their deductors (such as banks or financial institutions) to avoid TDS deduction on their income if their total income is below the taxable threshold. Here’s how these forms are handled by deductors:
1. **Receipt and Retention by Deductor**:
- When a deductor (such as a bank) receives Form 15G or Form 15H from a deductee, they are required to verify the authenticity of the form and retain it for their records.
2. **Submission with TDS Returns**:
- The deductor includes details of the Form 15G and Form 15H received from deductees in their TDS (Tax Deducted at Source) returns. These returns are filed periodically with the Income Tax Department, summarizing the TDS deducted and details of deductees.
3. **Forwarding to the Income Tax Department**:
- The deductor does not typically forward the physical forms (Form 15G/15H) to the local Income Tax Office separately. Instead, the details provided in these forms are included in their TDS returns, which are filed electronically with the Income Tax Department.
4. **Verification by Income Tax Department**:
- The Income Tax Department processes the TDS returns and verifies the details provided by deductors, including the submissions of Form 15G and Form 15H.
5. **Role of Local Income Tax Office**:
- In case of any discrepancies or further verification required, the Income Tax Department may communicate with the deductor or the deductee. If there are issues or queries related to Form 15G or Form 15H, these are generally handled through electronic means or through correspondence initiated by the Income Tax Department.
**Important Note**: Deductors should ensure compliance with the rules regarding the acceptance, verification, and filing of Form 15G and Form 15H. They are responsible for accurate reporting in their TDS returns and must retain records of these forms for audit and compliance purposes.
In summary, while deductors do not forward Form 15G/15H physically to the local Income Tax Office, they include the details provided in these forms in their TDS returns, which are filed electronically with the Income Tax Department.
1. **Receipt and Retention by Deductor**:
- When a deductor (such as a bank) receives Form 15G or Form 15H from a deductee, they are required to verify the authenticity of the form and retain it for their records.
2. **Submission with TDS Returns**:
- The deductor includes details of the Form 15G and Form 15H received from deductees in their TDS (Tax Deducted at Source) returns. These returns are filed periodically with the Income Tax Department, summarizing the TDS deducted and details of deductees.
3. **Forwarding to the Income Tax Department**:
- The deductor does not typically forward the physical forms (Form 15G/15H) to the local Income Tax Office separately. Instead, the details provided in these forms are included in their TDS returns, which are filed electronically with the Income Tax Department.
4. **Verification by Income Tax Department**:
- The Income Tax Department processes the TDS returns and verifies the details provided by deductors, including the submissions of Form 15G and Form 15H.
5. **Role of Local Income Tax Office**:
- In case of any discrepancies or further verification required, the Income Tax Department may communicate with the deductor or the deductee. If there are issues or queries related to Form 15G or Form 15H, these are generally handled through electronic means or through correspondence initiated by the Income Tax Department.
**Important Note**: Deductors should ensure compliance with the rules regarding the acceptance, verification, and filing of Form 15G and Form 15H. They are responsible for accurate reporting in their TDS returns and must retain records of these forms for audit and compliance purposes.
In summary, while deductors do not forward Form 15G/15H physically to the local Income Tax Office, they include the details provided in these forms in their TDS returns, which are filed electronically with the Income Tax Department.
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