Declaration in Form 15G/15H to be furnished to the Deductor/Payer for each Financial Year - Clarifications

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....lhi Notification No. 6/2017 New Delhi, 30^th May, 2017 Subject: Declaration in Form 15G/15H to be furnished to the Deductor/Payer for each Financial Year - Clarifications -reg The provisions of section 197A of the Income-tax Act, 1961('the Act') inter alia provide that tax shall not be deducted, if the recipient of certain payment on which tax is deductible furnishes to the pay....

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....each year before each person responsible for making the payment drawing the basis from Circular: No. 351, dated 26-11-1982. Para 5 of this circular is quoted as follows: "The declaration in Form No. 15F, 15G or 15H as explained above is to be furnished to the person responsible for paying the income which is sought to be received without deduction of tax at source. As the declarant has to state....

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....ample, in the declaration in Form No. 15G furnished to company 'A' it is not necessary for the declarant to give particulars of the shares held by him in other companies." 3.      A holistic reading of the Circular provides that when the income for each year changes, new form 15G/15H has to be filed, A similar position is taken up in notification No. 76/2015 dat....