CBDT has vide Notification No. 76/2015, Dated : September 29, 2015 revised Rule 29C of Income Tax Rules, 1962 in respect to filing of Form 15G & 15H u/s 197A. Summary of this Notification is as follows :-
1) Introduction of Electronic mode of filing Form 15G & 15H (Alternate to Paper Form). No procedural rules has been prescribed as regard to filing of Form 15G. However, It seems Form 15G & 15H can be filed using your income tax website log in & making payment as provided in Section 197(1) or 197(1A) or 197(1C).
2) Same is applicable w.e.f 01.10.2015
3) Now Person responsible for making specified payment (like for eg. bank) has to allot Unique Identification Number to each Form 15G & 15H either filed electronically or in paper form.
4) Monthly reporting requirement of Form 15G & 15H to concerned Commissioner by payers has been now relaxed to Quarterly reporting requirement.
5) Corresponding to Rule 31A(4)(vii) regarding filing of certain details in Statement of Tax Deduction at source has also been incorporated in newly substituted Rule 29C.
6) Introduction of mandatory requirement to keep details of Form 15G & 15H for 7 years from end of financial year in which it is furnished. (For Deductors)
7) Old Form 15G & 15H has been replaced by New Compact Form with less reporting requirement.
8) New Form requires details of All Form 15G or 15H filed for Same FY with other Deductors also.
9) Done away with Details of FD Account Numbers, Rate of Interest, Date of Deposit and Period of Deposit reporting requirements (Details of Interest Schedule –III in Old Form).
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15G 15H online only A move to catch unreported Interest Income
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