The Income Tax Department has announced more time for individual people to fill the 15G and 15H forms for the current financial year after June 30. These forms are to be filled for exemption from tax deducted at source (TDS) on interest income. This step has been taken in view of the difficulties faced by the people in view of covid-19.
Form 15G and 15H are required to be filled for those whose income is below the taxable limit. These forms have to be filled for TDS rebate on interest income. Typically, taxpayers submit these forms to banks and financial institutions in April.
The order issued by the Central Board of Direct Taxes (CBDT) states that 15G and 15H forms submitted in the last financial year will be valid till June 30, 2020.