2. Simplification of format and procedure for self-declaration in Form No.15G & 15H [Notification No. 76/2015, dated 29.09.2015]

Tax payers seeking non-deduction of tax from certain incomes are required to file a selfdeclaration in Form No. 15G or Form No.15H as per section 197A. In order to reduce the cost of compliance and ease the compliance burden for both the tax payer and the tax deductor, the CBDT has simplified the format and procedure for self-declaration of Form No.15G or 15H. The procedure for submission of the forms by the deductor has also been simplified.

Under the simplified procedure contained in new Rule 29C, a payee can submit the selfdeclaration 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 the procedure as specified by the Principal Director General of Income-tax (Systems) under sub-rule (7) of new Rule 29C. The particulars of self-declarations will have to be furnished by the deductor along with UIN in the quarterly TDS statements. The requirement of submitting physical copy of Form 15G and 15H by the deductor to the income-tax authorities has been dispensed with. The deductor will, however be required to retain Form No.15G and 15H for seven years. The revised procedure shall be effective from 1st October, 2015.