More time for submitting Forms 15G, 15H for FY2020-21 to avoid TDS

The Director (IT budget) CBDT by order u/s 119 permitted eligible tax payers to submit Form 15G/15H till June 30, 2020 for FY 2020-21. As per the order dated April 3, 2020 posted by the CBDT on its official twitter handle, “In case a person submitted valid 15G/15H to the banks/ for FY 2019-20, then this valid form G and 15 H will remain valid up to 30.06.2020 for FY 2020-21 also”.

The order of Ministry of Finance stated that the above decision was taken in view of the pandemic Covid 19 virus outbreak, resulting in severe disruption in the normal working of almost all sectors of the economy including functions of the Banks, other institutions, etc. In such a situation, there can be instances that some eligible persons may not be able to submit form 15G or 15H timely to the banks and other institutions, etc. that may result in deduction of TDS by banks or other institutions. Therefore to alleviate the genuine hardship of such eligible persons who are required to submit the Form-15G/Form-15H where there is no tax liability, the Director of CBDT issued above directions/clarifications by the exercise of its power u/s 119 of the act, it said. It is reiterated that the payer who has not deducted tax on the basis of the said Form 15G and Form 15H shall require to report details of such payments/credit in the TDS statement for the quarter ending 30.06.20 for FY 2020-21