Simplification of procedure for Form No. 15G and 15H

Share
Simplification of procedure for Form No. 15G and 15H.
Simplification of procedure for Form No. 15G & 15H-Notification No. 4/2015,
dated 01-12-2015. CBDT issued new procedure for  Form No. 15G &
15H on 01 December 2015. In this article You can find complete details for this
new circular like – Details for Furnishing and verification of the
electronic declaration, Details for Allotment of UIN (Unique
Identification Number), Details for Furnishing or making available the
declaration to the income-tax authority. Now you can scroll down below n check
more details for “Simplification
of procedure for Form No. 15G and 15H”

Section 197A of the Income-tax Act provides for no deduction in
certain case by submitting a declaration using Form 15G/15H as laid down in
Rule 29C of the Income tax Rules. The manner of filing such declaration and the
particulars have been laid down in Rule 29C of the Income tax Rules. The person
responsible for paying any income of the nature referred to in sub Section (1)
or sub Section (1A) or sub Section (1C) of Section 197A (hereinafter called
“payer”) shall enable the payee to furnish the declaration in electronic form
after due verification through an electronic process. The declarant shall
mandatorily quote his/her PAN in the declaration form 15G/H in accordance with
the provisions of Section 206AA(2).
A
unique identification number shall be allotted to declaration
(paper/electronic). The payer shall digitize the paper declaration and upload
all declarations (including electronic declaration and digitized declaration)
received during a particular quarter at departmental site
(www.incometaxindiaefiling.gov.in) on quarterly basis. Further, clause 5 of
rule 29C provides that the payer shall also furnish transactions covered under
15G/15H declarations in quarterly TDS statement in accordance with the
provisions of clause (vii) of sub rule (4) of rule 31A irrespective of the fact
that no tax has been deducted in the said quarter.
In
exercise of the powers delegated by the CBDT under sub para (7) of para 2 of
Notification issued vide S.O. No.2663(E) dated 29th September 2015, the
Principal Director General of Income-tax(Systems) has specified the procedure,
formats and standards in this regard is as under:
a) Furnishing and verification of the
electronic declaration
The
payer shall be responsible for proper verification of the declarant through an
electronic process and shall implement the verification process after due
diligence to ensure non-repudiation of the declarant. The payer shall archive
log of all electronic activities in the process of furnishing of electronic
declaration and the payer shall be responsible to establish the identity and
credentials of the declarant in case of any dispute. The declarant shall
mandatorily quote his/her PAN in the declaration form 15G/H in accordance with
the provisions of Section 206AA(2).


b) Allotment of
UIN (Unique Identification Number)

UIN
shall consist of following three fields (i), (ii) & (iii):
(i)
Sequence Number (10 alphanumeric for Form 15G/15H) given as follows;
15G
15H
10
alphanumeric characters starting with G followed by 9 digits) Eg. G000000001)
10
alphanumeric characters starting with H followed by 09 digits) Eg.
H0000000001)
(ii)
Financial year for which declaration is being furnished
(iii)TAN
of the payer
Paper
declaration shall be digitized by the payer and the same shall bear sequence
number out of the same “running sequence number (Field ‘a’ of UIN) series”, as
used for online submission.
UIN
running sequence number series shall be reset to 1 in case of each TAN of the
payer at the start of each F.Y.
c)
Furnishing or making available the declaration to the income-tax authority
a.
The payer will upload, the 15G and 15H declarations (digitized/electronic)
received during a quarter, on quarterly basis, in the file format given on
the e-filing site (www.incometaxindiaefiling.gov.in).
b.
In addition to the above, the payer shall quote “sequence number” (Field ‘a’ of
UIN) in quarterly TDS statement against the transaction covered under 15G/H
declaration in accordance with the provisions of clause (vii) of sub rule (4)
of rule 31A irrespective of the fact that no tax has been deducted in the said
quarter.
d)
Reconciliation Mechanism
i.
The payer will be responsible for reconciliation of the allotted UINs vis-a-vis
reported UINs to the ITD through reporting in quarterly TDS statement as well
as through upload of declarations on quarterly basis.
ii.
The payer shall file exceptional report for the following UINs: i) UINs not
reported in TDS statements ii) UINs not uploaded on ITD website.

Article Source: caknowledge
RECOMMENDED READ  YOUR PARENTS CAN HELP YOU SAVE TAX / REDUCE YOUR TAX LIABILITY

Leave a Reply

Written by

Optimization WordPress Plugins & Solutions by W3 EDGE
%d bloggers like this: