Tax payers seeking non deduction of tax from certain incomes are required to file a self declaration in Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961
In simple terms persons who don't want TDS to be deducted from their interest income has to
fill up and submit form 15G/15H to the concerned Bank/Finance Institution. If you do not
submit, TDS @ 10% will be deducted every three Months from your Interest Income for that
Under the simplified procedure, a payee can submit the self-declaration either in paper form or electronically. The deductor will not deduct tax and will allot a Unique Identification Number (UIN) to all self-declarations in accordance with a well laid down procedure to be specified separately. The particulars of selfdeclarations will have to be furnished by the deductor along with UIN in the
quarterly TDS statements.
quarterly TDS statements.
In simple, the procedure to submit form 15G/15H been simplified. Now you have option to submit the same in paper form or electronic form to the BANKS/INSTITUTIONS by self declaration. After doing so, the deductor will not deduct TDS from your interest income and will allot UIN ( Unique Identification Number) to you. As individual your work ends here.
Points to be noted by Deductor.
1. The Deductor has to furnish UIN( Unique Identification Number) allotted to all self declarants in Quarterly TDS Return Filliled by the deductor.
2. Submitting Physical copies of collected form 15H/15G has been eliminated. So Deductor now onwards not required to submit the Hard Copies of Form 15G/H to the Department.
3. All the collected self declarations must be stored by the deductor for the period of 7 years from the collection date.
The revised procedure shall be effective from the 1st day of October, 2015.
The Notification issued vide S.O. No.2663(E) dated 29th September 2015
