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Seek easy exemption from TDS on interest: File Form 15G/H electronically

The CBDT has simplified the procedure for filing of self declaration by individuals in 15G and 15H forms, allowing them to do it electronically. Seek easy exemption from TDS on interest: File Form 15G/H electronically.oie_LJ7KWgu9jOZK

What is Form 15G/ 15H?

Forms 15G and 15H are filed by persons whose incomes are below the taxable threshold, to seek exemption from TDS on interest income. Form 15G and Form 15H shall be submitted to the bank or any deductor requesting them not to deduct any TDS on your interest.

While Form 15H is submitted by senior citizens, 15G can be filed by an individual whose taxable income is less than the exemption threshold.

Form 15G/H help customers to avail exemption from TDS on interest earned on investments like bank fixed deposits or EPF withdrawals in a financial year. A fresh Form 15 G/H to be submitted in each new financial year.

The procedure for submission of the forms by the deductor has also been simplified and now they would allot a Unique Identification Number (UIN) to all self-declarations, according to a Central Board of Direct Taxes (CBDT) notification.

Government has simplified the format and procedures for income tax returns filing format that applies to self-declaration forms (form No. 15G or 15H). This change in income tax format has been done to reduce the cost of compliance and ease the burden for both the tax payer and the tax deductor.

Here are top 7 facts to know:
  • The requirement of submitting physical copy of Form 15G and 15H by the deductor to the Income-Tax Department authorities has been dispensed with.
  • The payee can submit the self-declaration form either on a paper or electronically.
  • Tax payers seeking non-deduction of tax from certain incomes are required to file a self declaration through Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961 (‘the Act’).
  • The particulars of self-declarations will have to be furnished by the deductor along with UIN in the Quarterly TDS statements.
  • Deductor will not deduct income tax and will allot a unique identification number (UIN) to all self-declarations in accordance with a well laid down procedure to be specified separately.
  • The deductor will be required to retain Form No.15G and 15H for seven years.
  • The revised income tax procedure shall be effective from October 1, 2015.
Now, seek easy exemption from TDS on interest: File Form 15G/H electronically. Download the Order.

Source: Mr. Alok Patnia, founder of Taxmantra.com

Due date for filing of Income Tax Return and Tax Audit u/s. 44AB extend to 31st October, 2015 for A.Y. 2015-16

Extension of date for filing of Income tax returns and tax audit reports to 31st October 2015

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

PRESS RELEASE

New Delhi, 1st October, 2015

Subject: Extension of date for filing of Income tax returns and tax audit reports to 31st October 2015 – regarding

The issue of extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30th September, 2015 has been the subject matter of litigation in various High Courts across the country. While some High Courts have ruled in favour of the extension of due date, some others have ruled otherwise. In order to avoid discrimination between taxpayers residing in different jurisdictions and to be fair to all, and also in view of paucity of time to approach the Hon’ble Supreme Court by way of Special Leave Petition, the Government has decided that across the country, all the returns of income and audit reports u/s 44AB which were due for e-filing by 30th September, 2015, may now be filed by 31st October, 2015.

Necessary order u/s 119 of the Income-tax Act, 1961 has been issued by CBDT in this regard.

(Shefali Shah)
Pr. Commissioner of Income Tax (OSD)
Official Spokesperson, CBDT

Extend Time Period by 6 months to file Revised Declaration of Property by Public Servants

Recently, Ministry of Personnel, Public Grievances and Pensions, Department of Personnel and Training has been issued a notification regarding extension of Time period by 6 months to file revised declaration of property by public servants.

The Central Government hereby makes the following rules further to amend the Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Rules, 2014, namely:–
1. (1) These rules may be called the Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Third Amendment Rules, 2015.
   (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Rules, 2014, in rule 3, in sub-rule (2),––
   (a) in the first proviso, for the words and figures “on or before the 15th day of October, 2015”, the words and figures “on or before the15th day of April, 2016” shall be substituted;
   (b) in the second proviso, for the words and figures “on or before the 15th day of October, 2015”, the words and figures “on or before the15th day of April, 2016” shall be substituted.

Download Notification (Click Here)

Deadline Extended for e-Filing of Returns for e-commerce dealers of Delhi by One Month.

Due date for e-filing of returns for e-commerce dealers of Delhi further extended by one Month.

Recently, Government of National Capital Territory of Delhi, Department of Trade and Taxes has issued a notification dated 12/10/2015 regarding extention od last date for filing of Online Returns for the 1st and 2nd Quarters for the year 2015-16, in Forms EC-II and EC-III to 16/11/2015.

Remember Important points before e-Filing of TDS Return Quarterly.

Remember Important points before e-Filing of TDS Return Quarterly

Given below are the points one should remember before filing quarterly TDS statement:
  • Correct Reporting: Cancellation of TDS statement and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of tax) in the quarterly TDS statement
  • Quote correct and valid lower rate TDS certificate in TDS statement wherever the TDS has been deducted at lower / zero rate on the basis of certificate issued by the Assessing Officer
  • Last provisional receipt number to be quoted in regular TDS / TCS statements: While filing new regular (original) TDS statement, it is mandatory to quote the last accepted provisional receipt number of the regular quarterly TDS / TCS statement of any form type
  • TDS statement cannot be filed without quoting any valid challan and deductee row
  • Late filing fee, being statutory in nature, cannot be waived
  • Download PAN Master from TRACES and use the same to file new statement to avoid quoting of incorrect and invalid PAN
  • Validate PAN and name of fresh deductees from TRACES before quoting it in TDS statement
  • Download TDS certificate (Form16A) from TRACES (http://www.tdscpc.gov.in) bearing unique TDS certificate number and issue to the taxpayers within due date
  • File correction statements promptly in case of incomplete and incorrect reporting
  • Download the justification report to know the details of TDS defaults, if any, on processing of TDS statement
  • Do view your Dashboard regularly to know about your TDS performance
  • Government deductors should obtain BIN (Book Identification Number) from their Accounts Officer (AIN holder) in time and quote the same correctly in TDS statement

Source: www.tdsman.com

How to Claim relief u/s 89(1) with online Income Tax Return.

In many cases Income Tax Department has disallowed relief u/s 89(1) which was claimed by Assessee during Online filing of Income Tax Return for the Assessment Year 2015-16 or Previous Asstt. year.   Earlier there was no doubt in claiming such relief  upto A.Y. 2014-15 from Income Tax Department. Simply Assesee claims in ITR form and Income Tax Department allows the same as claimed by Assessee. 

But now, w.e.f. Assessment Year 2015-16, It is compulsory  to upload online 10E form otherwise claim will be rejected and demand will be raised by I.T. Department.

All  Assessees who had claimed rebate u/s 89(1) in the A.Y. 2015-16 have been informed by Income Tax Department through intimation order under section 143(1) that claim amount of rebate has been rejected and raised demand along with interest for the same.

Procedure to upload 10E Form
After reading above content it is clear without uploading 10E form , relief under section 89(1) can not be claimed.  Now question is that how can we upload 10E Form alongwith ITR-1 (Sahaj), ITR-2  etc Forms.

After a time gap, it has been found that 10E form is not ITR forms.   10E form is other that ITR form which is available in income tax website  after login for e-filing of  www.incometaxindiaefiling.gov.in as shown in below picture.




Source: www.tdstaxindia.com

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