The Central Board of Direct Taxes (CBDT) clarified that Form 15G/15H need not be filed every time when payment is due. Instead, the depositor required to submit only one declaration in respect of each year.
Form 15G and Form 15H are submitted to make sure TDS is not deducted on one’s subject to conditions prescribed in the Act. As per the present scheme, one has to file form G and H whenever the estimated total income/aggregate income changes and new investments are made. In case of old investments, one has to file the total number of earlier declarations filed in Form 15G/15H and aggregate amount of income for which such forms are filed.
The circular clarifies that the Forms needs to be filed once in a year and not every time when payment is due.
Read the full text of the Circular below.
