TDS Return : particulars of 15G/15H persons

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CA Mukkul Mehta (Querist)

08 June 2011 1. Whether the TDS return of the bank should contain the details of interest paid to the persons who have submitted form 15G/15H (although NIL tax is to be deducted on it?

2. If yes, whether PAN for those persons is mandatory or not ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

08 June 2011 NO , SUCH DETAILS ARE NOT REQUIRED IN 26Q
*
DETAIL IS REQUIRED TO BE SUBMITTED ONLY FOR THE DEPOSITORS OF WHOM TAX IS DEDUCTED.

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CA Mahendra modi

CA Mahendra modi (Expert)

11 June 2011 In E-tds 26Q return for 194A,in annexures while filling up deductee details there have a column wherein it is mentioned that give Reason for No Deduction / Lower Deduction:-
"A":-in case Non/Lower deduction when certificate( issued by Income Tax officer) is provided by deductee)
"B":-in case Non deduction when delaration (Self in the shape of 15G/15H) is provided by deductee)

So it is mendatory to give deatail of persons whom TDS is not deducted due to 15G/15H.

In answer of question 2, as 15G or 15 H is issued by IT deptt. same can not be issued to person who dont have PAN.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

12 June 2011 Mr Mahendra Modi is correct and I must rectify myself subject to the reservation in case of banks where, there are a number of
depositors, it is not practicable for them to furnish such details which are of the lesser importance for the IT department.

Form No 15G and 15H are furnished by the depositors with the bankers, which in turn are deposited by the bankers with the department. The last date for depositing the forms with the ITD is 7th April next following the F Y

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