MAJOR RELIEF BY CBDT TO INCOME TAX PAYERS

Due to the ongoing lockdown in the wake of Coronavirus, the Income Tax Department has extended the period to fill the 15G and 15H forms for the current financial year to June 30 (for individuals). These forms have to be filled at the source of interest income for exemption from tax deduction i.e. TDS. This step has been taken in view of the problems faced by the people in view of Covid-19.

The order issued by the Central Board of Direct Taxes (CBDT) states that the 15G and 15H forms submitted in the last financial year will be valid till 30 June, 2020.

CBDT said that some people have not been able to submit the forms on time due to the lockdown. In such a situation, their TDS will be deducted if there is no tax liability. The government has taken this step, so that people do not have to face any such oppression.