CONDITIONS FOR SUBMITTING 15G

[ANINDYA KISHORE BHATTACHARJEE]

WHETHER THERE IS ANY CBDT CIRCULAR FOR CONDITIONS ON SUBMITTING 15G ? IF SO, WHAT IS THE ORDER NO. OF CBDT (COPY PLEASE) AND BRIEF EXPLANATION OF SUCH CONDITIONS.

[Siva Nandu Segu]

CBDT has notified the new Income Tax rules regarding form 15G and 15H. Under revised rules few conditions regarding submission Form 15G & 15H has been relaxed.

For person seeking non deduction/Deductee/Income receiver Eligible Deductee may file form 15G/15H in paper (in duplicate- one copy for acknowledgement) or electronically.

1. Pan is must to submit form 15G/15H.
2. Only Resident can submit form 15G/15H

   The deductor will, however be required to retain Form No.15G and 15H for seven years.

   The revised procedure shall be effective from the 1st day of October, 2015.

[Ganeshan Kalyani]

Sir, please refer Notification No. 76/2015/F.No.133/50/2015. The basic condition to apply for Form 15G is that your income should be below the taxable income tax slab. Form 15G can be issued by person other than senior citizen. Please go through the Notification in this regard. Thanks.

[ANINDYA KISHORE BHATTACHARJEE]

I want to mean - what are the conditions in the light of income (total income - prior to deduction or not). Is there any such clarification by CBDT ?

[Ganeshan Kalyani]

Sir your query is not clear to me it appears. To be simple if your Net total income I.e. Gross Total Income after eligible deduction is below the taxable limit then you should submit to Bank for Nil dedution of TDS in Form 15G. Thanks.

[ANINDYA KISHORE BHATTACHARJEE]

Thank u sir.

But can u please provide the exact order/clarification order for "Net total income i.e. Gross Total Income after eligible deduction is below the taxable limit", as the bank authority is not willing to accept 15G without such order/clarification and refusing to accept 15G because of income is greater than 2.5 lakh without deduction.

[Ganeshan Kalyani]

Sir, please refer the cited Notification No. 76/2015/F.No.133/50/2015 and section 197A of the Income-tax Act, 1961. Also refer the Form wherein it is mentioned that in case income is below taxable limit then certificate shall be issued. Thanks.

AI Summary

Form 15G eligibility: Net total income after deductions must be below the taxable threshold for nil TDS declaration. CBDT Notification No. 76/2015 permits Form 15G/15H to be filed in duplicate paper or electronically, requires PAN, limits submission to residents, and mandates that the declarant's Net Total Income after allowable deductions be below the taxable threshold for Form 15G; Form 15G is for non senior citizens and the deductor must retain the forms for compliance.