The two forms are submitted to prevent deduction of tax at source by banks and other institutions.
CBDT on Friday issued a circular clarifying that the earlier Form 15G and 15H given to the banks for the Financial Year 2019-20 will be valid up to June 30. (Photo: iStock)
The Central Board of Direct Taxes (CBDT) on Saturday extended the validity of Forms 15G and 15H submitted by the taxpayers for FY 2020-21, till June 30.
A senior official of the All India Bank Employees’ Association (AIBEA) said the union had taken up the matter with the CBDT as several bank retirees and pensioners had contacted it for getting an extension of time since it was difficult for the aged to go to the bank branches during the lockdown.
The two forms are submitted to prevent deduction of tax at source by banks and other institutions.
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According to C.H.Venkatachalam, General Secretary, CBDT on Friday issued a circular clarifying that the earlier Form 15G and 15H given to the banks for the Financial Year 2019-20 will be valid up to June 30.
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
He said the clarification is applicable for all depositors of banks and other institutions.
Keeping bankers’ health into consideration at the time of a global pandemic, Venkatachalam urged the Central Government to grant special leave to bankers who develop COVID-19 symptoms and have been advised quarantine (14 days leave) or if a banker contracts COVID-19 disease while on duty then the period of hospitalisation to be treated as special leave.
The General Secretary also asked the government to advise banks to go in for comprehensive group insurance cover against the risk to health and life for Rs 50 lakh for the next three months for their employees.
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