Simplification of treatment for Form No. 15 G and 15 H. Simplification of procedure for Type No. 15 G & 15 H-Notification No. 4/2015, dated 01-12-2015 CBDT provided brand-new treatment for Kind No. 15 G & 15 H on 01 December2015 In this article You can find total information for this new circular like– Details for Furnishing and confirmation of the electronic declaration, Details for Allocation of UIN (Distinct Identification Number), Information for Providing or making available the statement to the income-tax authority. Now you can scroll down below n check more information for “ Simplification of treatment for Kind No. 15 G and 15 H”
Material in this Short Article.
Simplification of treatment for Type No. 15 G and 15 H
Area 197 A of the Income-tax Act offers no reduction in certain case by sending a declaration utilizing Kind 15 G/15 H as laid down in Guideline 29 C of the Income tax Guidelines. The way of filing such statement and the particulars have been set in Guideline 29 C of the Income tax Guidelines. The person accountable for paying any earnings of the nature described in sub Section (1) or sub Section (1A) or sub Area (1C) of Section 197 A (hereinafter called “payer”) shall allow the payee to provide the statement in electronic kind after due confirmation through an electronic procedure. The declarant will mandatorily price quote his/her PAN in the declaration form 15 G/H in accordance with the provisions of Section 206 AA( 2 ).
An unique recognition number shall be allocated to declaration (paper/electronic). The payer will digitise the paper declaration and upload all statements (including electronic statement and digitized statement) received during a specific quarter at department website (www.incometaxindiaefiling.gov.in) on quarterly basis. Even more, provision 5 of rule 29 C supplies that the payer will likewise furnish transactions covered under 15 G/15 H statements in quarterly TDS declaration in accordance with the provisions of provision (vii) of sub guideline (4) of rule 31 A irrespective of the reality that no tax has been deducted in the said quarter.
In exercise of the powers delegated by the CBDT under sub para (7) of para 2 of Notice provided vide S.O. No.2663( E) dated 29 th September 2015, the Principal Director General of Income-tax( Systems) has actually defined the treatment, formats and requirements in this regard is as under:
a) Furnishing and verification of the electronic statement
The payer shall archive log of all electronic activities in the procedure of furnishing of electronic statement and the payer shall be accountable to develop the identity and credentials of the declarant in case of any dispute. The declarant shall mandatorily estimate his/her PAN in the statement form 15 G/H in accordance with the provisions of Section 206 AA( 2 ).
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b) Allotment of UIN (Special Recognition Number)
UIN will consist of following three fields (i), (ii) & (iii):
( i) Series Number (10 alphanumeric for Type 15 G/15 H) given as follows;-LRB- .
|15 G||15 H|
|10 alphanumeric characters beginning with G followed by 9 digits) Eg. G000000001)||10 alphanumeric characters starting with H followed by 09 digits) Eg. H0000000001)|
( ii) Financial year for which statement is being provided
( iii) TAN of the payer
Paper statement shall be digitised by the payer and the very same will bear series number out of the exact same “running series number( Field ‘a’ of UIN) series”, as utilized for online submission.
UIN running sequence number series will be reset to 1 in case of each TAN of the payer at the start of each F.Y.
c) Furnishing or offering the declaration to the income-tax authority
a. The payer will publish, the 15 G and 15 H statements (digitised/electronic) received throughout a quarter, on quarterly basis, in the file format provided on the e-filing site (www.incometaxindiaefiling.gov.in).
b. In addition to the above, the payer shall price quote “series number” (Field ‘a’ of UIN) in quarterly TDS statement versus the transaction covered under 15 G/H statement in accordance with the provisions of stipulation (vii) of sub guideline (4) of guideline 31 A irrespective of the fact that no tax has been deducted in the stated quarter.
d) Reconciliation System
i. The payer will be responsible for reconciliation of the allotted UINs vis-a -vis reported UINs to the ITD through reporting in quarterly TDS declaration along with through upload of statements on quarterly basis.
ii. The payer will submit extraordinary report for the following UINs: i) UINs not reported in TDS statements ii) UINs not submitted on ITD site.