Issuing form No 15G & 15H can bring you in great difficulties.

Issuing form No 15G & 15H can bring you in great difficulties.

The CPC TDS has issued a circular to all banking companies to incorporate all payments of interest made by them on form no 15H & 15G i.e without deduction of tax. As per law of Income tax form no 15G & 15H can be issued only in case when the total income including the interest in bank in less than taxable limit.

The person issuing form no 15H & 15G in spite of having taxable income will amounts to false declaration which has dire consequences including prosecution by including the information of form 15G & 15H in TDS return department has data ready with them. So they can catch Tax evaders very easily.

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