Huge Corona relief for taxpayers! Income Tax Department extends TDS, TCS certificate submission deadline to 30th June 2020
In a bid to provide relief to the earning individual who had no tax liability but facing TDS deduction by banks and other institutions, Income Tax Department has increased the deadline for Form 15G and Form 15H submission date till 30th June 2020.
In a bid to provide relief to the earning individual who had no tax liability but facing TDS deduction by banks and other institutions due to non-submission of the TDS and TCS certificate due to the Coronavirus lockdown, the Central Board of Direct Taxes (CBDT), Income Tax Department has increased the deadline for Form 15G and Form 15H submission date till 30th June 2020. The CBDT made the announcement in this regard today and said that due to the Coronavirus lockdown there is a severe disruption in the normal working of almost all sectors of the economy including the functioning of banks, other institutions, etc. It said that extension of the last date for submission for TDS and TCS certificate submission will provide relief to those earning individuals who have no tax liability but facing TDS deduction from banks and other institutions.
The CBDT issued a notice in this regard citing, "Due to the outbreak of the pandemic COVID-19 virus, there is a severe disruption in the normal working of almost all sectors of the economy including the functioning of banks, other institutions, etc. Amidst such a situation, there can be instances that some eligible persons may not be able to submit the form 15G and 15Htimely to the banks and other institutions. This would result in deduction of TDS by banks and other institutions even when there is no tax liability. To mitigate the genuine hardship of such persons, the CBDT issues following directions/clarifications by the exercise of its power u/s (under section) 119 of the Act."
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The Income Tax Department informed about the CBDT decision through a tweet from its official twitter handle citing, "To mitigate the genuine hardships faced by taxpayers due to the COVID-19 pandemic, CBDT issues notification http://F.No.275/25/2020-IT(B) dt 03rd April, 2020 regarding submission of Form 15G & 15H for FY 2020-21."
See Income Tax Department tweet below:
To mitigate the genuine hardships faced by taxpayers due to the Covid-19 pandemic, CBDT issues notification https://t.co/JjOohJQoKy.275/25/2020-IT(B) dt 03rd April, 2020 regarding submission of Form 15G & 15H for FY 2020-21.#IndiaFightsCorona #StayAtHome #StaySafe pic.twitter.com/BTdYl3bO92
— Income Tax India (@IncomeTaxIndia) April 4, 2020
The CBDT went on to add that in the case if a person had submitted valid form 15G and 15H to the banks or other institutions for FY2019-20, then the form will be valid up to 30th June 2020 for FY2020-21 also. The CBDT reiterated that the payer who has not deducted tax on the basis of said forms 15G and 15H shall require to report details of such payments and credits in the TS statement of the quarter ending 30th June 2020.
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