File Form 15G-15H details in ETDS return Form 26Q

As per Income tax rules/Act Deductor
is required to file form 15G /15H in ETDS return form 26Q. TDS CPC
has issued advisory to banks to file details of 15G/15H forms as this form has
been submitted mostly by depositors in Banks. However these rules are also
applicable to other deductors also to whom form 15H/15G have been submitted by
depositors. 

Two cpc communication in this regards has
been given as under for your ready reference.
As you may be aware that the
depositors submit form 15G/H to the bank for no deduction of tax to be made on
the interest payments made to them. As per rule 31A (4) of
Income Tax Rules read with section 200 of Income Tax Act, the referenced
15G/H transactions are required to be reported by raising Flag “B” in
relevant TDS Statements (Form 26Q). 
However, CPC(TDS) has observed from
its records that you have not raised Flag ‘B’ for No deduction on account of
15G/H even against a single transaction as reported in the TDS Statement(s)
submitted for various quarters of Financial Year 2013-14.
It is highly improbable that not
even a single depositor has submitted form 15G/H to you for non-deduction of
tax on the interest payments. Accordingly, you are advised to take the
following action:
Actions to be taken:
Since the due date of filing Q2 2014
TDS Statements (October 15) is approaching fast, you are requested to
check the details of 15G/H transactions from your source data and raise
Flag “B” in the Original TDS Statements.
Please submit Correction Statements
for previous Quarterly TDS Statements by taking following actions:
Prepare the correction statement
with appropriate changes.
Please ensure that the TDS Deposited
amount equals the TDS Deducted amount in your correction statement. Submit the
Correction Statement at TIN Facilitation Centre.
To,
(Bank Name)
(PAN:XXXXXXXXXX),
Dear Sir/
Madam,
Please refer
the subject mentioned above.
1) In this
regard, it is to inform you that ________ branches out of ________ active
branches of your bank have not reported transaction of payment of interest on
which tax was not deducted in view of declaration of 15G or 15H form
by the payee. We are also sending a separate communication to the non-compliant
branches, attached in the list.
2)
__________ branches have in all reported __________ transactions involving
declaration of 15G or 15H. The amount involved in such transactions is to the
tune of Rs. _______ Crore for F.Y. 2013-14. Form 15G/15H can be submitted by
the payee only if the income including the interest income is less than the
taxable amount.
3) You are
requested to reconcile the amount of Rs. ______ Crore reported by your bank
branches with the interest amount paid to payees who declared 15G or 15H as per
core banking solution of your bank. In case of discrepancy, it is requested
that the relevant branches may be instructed on top priority to comply to the
provisions of Income tax act in respect of complete & correct reporting of
transactions involving 15G or 15H declaration.
·        
Since the
due date of filing Q2 2014 TDS Statements (October 15) is approaching fast, you
are requested to ensure the details of 15G/H transactions from your source data
and raise Flag “B” in the Original TDS Statements. Also, please
ensure submission of Correction Statements for previous Quarterly TDS
Statements of the branches.
·        
CPC (TDS) is
committed to provide best possible services to you.

·        
CPC (TDS)
TEAM
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