How to deductor other than bank submit 15g & 15h

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Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2016 HOW DO DEDUCTOR OTHER THAN BANK SUBMIT 15G & 15H
SHOULD WE SUBMIT THE HARD COPY TO ITD BEFOR 7 APRIL 2016 OR WE SHOULD SUBMIT IT ONLINE AND WHAT IS THE PROCEDURE TO SUBMIT IT ONLINE AS WE (DEDUCTORS) RECEIVED THE MANUAL FORM 15G & 15H BY THE DEDUCTEES AND WHAT IS THE LAST DATE TO SUBMIT THE FORM

Querist : Anonymous

Querist : Anonymous (Querist)

05 April 2016 PLEASE REPLY I NEED SOME HELP ON THIS URGENTLY

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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28 July 2024 Form 15G and Form 15H are used for the purpose of claiming non-deduction or lower deduction of tax at source (TDS) by individuals and HUFs on income other than salaries. These forms are generally used to ensure that TDS is not deducted or is deducted at a lower rate on certain incomes, provided the total income of the deductee is below the taxable limit.

Here’s how deductors (other than banks) can handle and submit Form 15G and Form 15H:

### **1. **Submitting Form 15G/15H - General Process**

**A. **Understanding Forms:**
- **Form 15G**: For individuals and HUFs below the taxable income threshold.
- **Form 15H**: For senior citizens (60 years or older) below the taxable income threshold.

**B. **Collecting Forms:**
- **Manual Submission:** Deductors receive Form 15G and Form 15H from deductees. These forms need to be filled out by the deductee and submitted to the deductor.

**C. **Verification and Records:**
- **Verify Forms:** Ensure that the forms are correctly filled out, including the details of the deductee and the type of income.
- **Maintain Records:** Keep copies of the submitted forms as records. It is essential for future reference and for compliance with tax regulations.

### **2. **Online Submission of Forms:**

As of recent updates, direct submission of Forms 15G and 15H online to the Income Tax Department (ITD) is not typically required for deductors. The process involves submitting the forms to the deductor, who then maintains them for record-keeping purposes and follows certain procedures for TDS compliance.

**A. **For Banks and Financial Institutions:**
- Banks and financial institutions usually submit these forms electronically to the Income Tax Department through their TDS filing processes.

**B. **For Other Deductors:**
- **No Direct Online Submission:** For non-banking deductors, there is generally no requirement to submit these forms directly to the ITD online. Instead, they should ensure the forms are filed correctly and retain them for their records.
- **Include in TDS Returns:** Deductors should ensure that they include the details of these forms when filing their TDS returns. The TDS return filed will reflect the details of the TDS deducted, and Forms 15G/15H submitted.

### **3. **TDS Return Filing:**

**A. **Including Form 15G/15H Details:**
- Deductors must ensure that they accurately include the details from Form 15G and Form 15H in their TDS returns. This is done when filing quarterly TDS returns (e.g., Form 24Q for salary).

**B. **Filing TDS Returns:**
- **Online Filing:** TDS returns are generally filed online through the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal or through TIN-FC (Tax Information Network - Facilitation Centers).
- **Due Dates:** Ensure that the TDS returns are filed by the due dates to avoid penalties.

### **4. **Last Date for Submission:**

**A. **Form Submission:**
- **No Specific Date:** For Form 15G/15H, there is no specific submission date to the ITD. Forms should be collected and verified throughout the year as per the transactions with deductees.

**B. **TDS Return Filing Due Date:**
- **Quarterly Returns:** TDS returns should be filed quarterly. The due dates for filing quarterly TDS returns are:
- **1st Quarter (April-June):** July 31
- **2nd Quarter (July-September):** October 31
- **3rd Quarter (October-December):** January 31
- **4th Quarter (January-March):** May 31 (of the next financial year)

### **5. **Handling Manual Forms:**

- **Record-Keeping:** Deductors should maintain manual copies of Forms 15G/15H for their records and provide these to the tax authorities if requested during audits or assessments.
- **Ensure Accuracy:** Properly maintain records of forms to ensure accuracy in the TDS return filings and compliance with tax regulations.

### **Summary**

For non-bank deductors, the submission of Form 15G and Form 15H typically involves collecting and maintaining these forms and incorporating the details into the TDS returns. There is generally no need to submit these forms directly to the ITD online. Ensure that TDS returns are accurately filed and that records are kept for compliance purposes. If you have specific requirements or face challenges, consulting with a tax professional can provide additional guidance.

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