Refund Claims may be made pertaining to March 31,2009 may be submitted upto March 31, 2012

CBDT had earlier clarified that no claim of refund can be made after two years from the end of financial year in which tax was deductible at source. Now, the Board clarifies that  The refund claims pertaining to the period up to March 31, 2009 may be submitted to the Assessing Officer (TDS) up to 31.12.2012.

The following words are added at the end of paragraph 4.2 of the said circular.

However, the refund claims pertaining to the period upto March 31, 2009 may be submitted to the Assessing Officer (TDS) upto 31-12-2012.

This issues with the approval of competent authority.

 

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Facts about Forms 15H and 15G

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Form 15G and Form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to the deductor. Reader can download the latest Form 15G and Form 15H in Excel, Word and PDF format from the links given at the bottom of the article.

Form 15H :- Declaration under sub-section (1C) of section 197A of the Income-tax Act, 1961, to be made by an individual who is of the age of sixty-five years or more (Sixty Years from A.Y. 2012-13) claiming certain receipts without deduction of tax. Form 15H can be submitted only by Individual above the age of 65 years. (Age limit reduced to 60 Years from A.Y. 2012-13) Estimated tax for the previous assessment year should be nil. That means he did not pay any tax for the previous year because his income is not coming under the taxable limit. This form should be submitted to all the deductors to whom you advanced a loan. For example you have deposit in three SBI bank branches Rs.100000 each. You must submit the Form 15H to each branch. Submit this form before the first payment of your interest. It is not mandatory but it will avoid the TDS deduction. In case of the delay, the bank may deduct the TDS and issue TDS certificate at the end of year. You need to submit form 15H to banks if interest from one branch of a bank exceeds 10000/- in a year. You need to submit for 15H If interest on loan ,advance, debentures , bonds or say Interest income other then interest on bank exceeds 5000/-.

Form 15G:- Declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act, 1961, to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax of tax. Form 15G can be submitted by Individual below the age of 65 years (Age limit reduced to 60 Years from A.Y. 2012-13)) and Hindu Undivided family. The above points are applicable to the Form 15G as well, except the Form 15H is only for the senior citizen. Form 15G should be submitted before the first payment of interest on fixed deposit. Difference between form 15G and 15H:- Form 15G can be submitted by individual below the Age of 65 Years while form 15H can be submitted by senior citizens i.e. individual above the age of 65 years. (60 Years from Assessment year 2012-2013). Form 15G can be submitted by Hindu undivided families but form 15H can be submitted only by Individual above the age of 65 years. ( 60 Years from Assessment year 2012-2013). 15G CAN NOT BE filed by any person whose income from interest on securities/interest other than interest on securities/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax. In nutshell we can say that anybody whose tax on estimated income is not NIL and having income from interest on securities/interest other than interest on securities/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax can not file DECLARATION u/s 15G . This is clear from the point 3 & 4 of the of From 15 G. However, if you are eligible and also fulfill the condition, the payer can not deduct the tax even if it is above 10,000. Note:- Maximum amount not chargeable to tax for Hindu Undivided family (HUF) and Individual male (below the age of 65 years till A.Y. 2011-12 ) for A.Y. 2011-12 is Rs. 160000/- and for Individual female (below the age of 65 years) for A.Y. 2011-12 is Rs. 190000/- . Senior Citizens who are eligible to file Declaration in Form 15H has no such conditions. They can submit form 15H even if there total Income from interest on securities/interest other than interest on securities/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax if tax payable by them is NIL. This is clear from point 4 of the form 15H, which reads as under:- . that the tax on my estimated total income, including *income/incomes referred to in the Schedule below computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on relevant to the assessment year _____________ will be nil

 

Click on the following to download the respective Forms in the respective formats.

Download Form 15G in Word format Download Form 15G in Excel Format Download Form 15H in Excel Format
Download Form 15G in PDF Download form 15H in Excel format Download form 15H for senior citizens

 

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CBDT exempts salaried taxpayers with Total Income upto Rs. 5 lakh from filing income tax

The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.

Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.

Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.

The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.

 

 

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New Procedure of Income Tax payment challan correction

Revised Procedure from 1st September 2011 to get Income Tax Challan corrected / Rectified which were  paid at bank in Physical Mode and time period within which correction request can be made along with conditions , Procedures for the same and Format of the letter to bank.

 

Challan Correction Mechanism

Under OLTAS (On Line Tax AccountingSystem), the physical challans of all DirectTax payments received from the deductors / taxpayers are digitized on daily basis by the collecting banks and the data transmitted to TIN (TaxInformation Network) through link cell. At present, the banks are permitted to correct data relating to three fields only i.e. amount, major head code and name. The other errors can be corrected only by the assessing officers.

New Procedure of challan correction by banks (for physical challans):

To remedy this situation, a new Challan Correction Mechanism for physical challans has been put in place. Under this mechanism, for income tax payments made on or after 1.9.2011, the following fields can be got corrected through the concerned bank branch:

> Assessment Year

> Major Head Code

> Minor Head Code

> TAN/PAN

> Total Amount

> Nature of payment (TDS Codes)

The time window for the correction request by tax payer is as follows :

S.No

Correction required in Field name Period of Correction Request (fromChallanĮՁ¡Æ’Å¡ Deposit Date)

1

TAN/PAN

7 days

2

Assessment Year

7 days

3

Amount

7 days

4

Other fields (Major head, Minor head, Nature of payment)

Within 3 months

The time window for correction by the bank is 7 days from the date of receipt of correction request from the tax-payer.

Conditions:

The changes can be made by the banks, subject to following conditions:

  1. Correction in Name is not permitted.
  2. Any combination of correction of Minor Head and Assessment Year together is not allowed.
  3. PAN/TAN correction will be allowed only when the name in the challan  matches with the name as per the new PAN/TAN.
  4. The change of amount will be permitted only on the condition that the amount so corrected is not different from the amount actually received by the bank and credited to Govt. Account.
  5. For a single challan, correction is allowed only once. However, where st correction request is made only for amount, a 2nd correction request will be allowed for correction in other fields.
  6. There will be no partial acceptance of change correction request, i.e. either all the requested changes will be allowed, if they pass the validation, or no change will be allowed, if any one of the requested changes fails the validation test.

Procedure:

i. The tax-payer has to submit the request form for correction (in duplicate) to the concerned bank branch.

ii. The tax-payer has to attach copy of original challan counterfoil.

iii. In case of correction desired for challans in Form 280, 282, 283, the copy of PAN card is required to be attached.

iv. In case of correction desired for payments made by a tax-payer (other than an individual), the original authorization with seal of the non-individual tax­payer is required to be attached with the request form.

v.A separate request form is to be submitted for each challan.

Procedure of challan correction by Assessing Officers (both physical and e-payment challans)

After the window period available to banks for challan correction, the assessee can make a request for correction to his or her assessing officer, who is authorized under the departmental OLTAS application to make such correction in challan data in bonafide cases, to enable credit of the taxes paid, to the concerned assessee.

Download Format of application to bank for challan correction to be requested by the taxpayer

 

 

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