Validity of Forms 15G and 15H of FY 2019-20 extended due to COVID-19


Validity of Forms 15G and 15H of FY 2019-20 extended due to COVID-19 – Now these Forms would be valid up to 30.06.2020

To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the Banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020.

This will safeguard the small tax payers against TDS where there is no tax liability.

Click Here to Read the CBDT Order

You May Also Refer: Using Forms 15G and 15H to save TDS on Income

Validity of Forms 15G and 15H of FY 2019-20 extended due to COVID-19
Validity of Forms 15G and 15H of FY 2019-20 extended due to COVID-19

Other benifits, given by CBDT to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisions

Lower or nil deduction of TDS/TCS for F.Y. 2020-21:

  • All the assessees who have filed application for lower or nil deduction of TDS/TCS for F.Y. 2020-21;
  • and whose applications are pending for disposal as on date and they have been issued such certificates for F.Y. 2019-20,

then such certificates would be applicable till 30.06.2020 of F.Y. 2020-21 or disposal of their applications by the Assessing Officers, whichever is earlier, in respect of the transaction and the deductor or collector if any, for whom the certificate was issued for F.Y. 2019-20.

In cases where the assessees could not apply for issue of lower or nil deduction of TDS/TCS in the Traces Portal for the F.Y. 2020-21, but were having the certificates for F.Y. 2019-20, such certificates will be applicable till 30.06.2020 of F.Y. 2020-21.

However, they need to apply at the earliest giving details of the transactions and the Deductor/Collector to the TDS/TCS Assessing Officer as per procedure prescribed.

Payments to Non-residents (including foreign companies) having Permanent Establishment in India [Pending Applications]

  • Tax on payments made will be deducted at the subsidised rate of 10% including surcharge and cess, on such payments till 30.06.2020 of F.Y. 2020-21, or
  • disposal of their applications, whichever is earlier

Liberal procedure:

In case of pending applications for lower/nil rate of TDS/TCS for F.Y. 2019-20, the Assessing Officers have been directed to dispose off the applications through a liberal procedure by 27.04.2020, so that the taxpayers may not have to pay extra tax which may cause liquidity issues to them.

Click Here to Read the CBDT Order

You May Also Refer: Forms 15G and 15H : How to save TDS on Interest Income


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