- Due to covid 19 virus, there is severe disruption in the normal working of almost all sectors of economy including functioning of the banks, other institution etc.There can be instances that some eligible persons may not be able to submit the form 15G and 15H timely to the banks, other institution etc. This would result into the deduction of TDS by the banks and other institution even where there is no tax liability. To mitigate the genuine hardship of such persons, the CBDT issues such direction/clarifications by excercise of its powers u/s 119 of the act.
- In case if a person had submitted valid forms 15G and 15H to the banks or other institution for F.Y. 2019-20 than these form 15G and 15H will be valid upto 30.06.2020 for F.Y. year 2020-21 also.It is reitrated that the payer who has not deducted tax on the basis of said forms 15G and 15H , shall require to report details of such payments/credits in the TDS statement for the quarter ending 30.06.2020 in accordance with the provisions of rule 31A(4)(vii) of income tax rules 1962.