Hi guys,

Wishing Everybody a very happy New Year.

As we all know, the procedure for submission of forms 15G/H has been changed. Deductor has to now accept forms in electronic or paper form and upload it in digitized or electronic way on Incometax efiling website Quarterly and later report the transactions in Quarterly TDS Statements. My queries are:

1) If a deductor say a Bank receives a 15G form in October from an individual for the first time and later the individual makes a new FDR and again submits a new 15G form for such FDR info, does the Bank needs to generate a seperate UIN for the new form or the same UIN will work as it was alloted to the earlier form? Basically, UIN is to be allotted PAN wise or Form wise? Banks normally work and provide data on customer ID basis in a consolidated format and not FD wise, if UIN is alloted on form basis rather than Pan basis, it will be difficult and time consuming to get form wise details reporting seperate FDRs.

2) Till now, if a deductor received a form say in April 2015 and it reported its transaction related to interest in all following quarters as well for the rest of FY. Now with the new system in place, One has to upload declaration and then report it's transaction in tds statement. If the deductor had got a form from a particular individual in earlier quarter and UIN was alloted to it and reported to income tax and now in this quarter he reports the transaction related to the UIN in TDS statement and not on website (since it was already done in earlier quarter) will not his result in a mismatch between quarterly 15g/h online declaration and tds statements UINs? Will not one has to file exceptional report everytime then?

3) What about the forms received earlier than 1st oct 2015. How one has to report the transactions of these non UIN forms in q3 tds statement?

All of yours guidance is sought in this matter.


CA Kamaldeep Singh.

Posted 1 year, 1 month ago by Kamaldeep Singh

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