TaxTMI 
TaxTMI 
Question - What are the proposed changes in Section 197A in Finance Bill 2015 ?
Enabling of filing of Form 15G/15H for payment made under life insurance policy
28 Feb 2015 
1 Reply 
2237 Views Asked by
Non-deduction declarations: Form 15G/15H may prevent TDS on taxable life insurance payouts when estimated tax is nil.
The Finance Bill proposes to make recipients of payments under section 194DA eligible to furnish Form 15G/15H under section 197A so that where the recipient's estimated total tax liability is nil, the payer will not deduct tax at source on life insurance payments chargeable to tax; the amendment takes effect from 1st June, 2015. (AI Summary)
The Finance Bill proposes to make recipients of payments under section 194DA eligible to furnish Form 15G/15H under section 197A so that where the recipient's estimated total tax liability is nil, the payer will not deduct tax at source on life insurance payments chargeable to tax; the amendment takes effect from 1st June, 2015. (AI Summary)