If your income is Rs 2.5 lakh or above the prescribed limit, then you may have trouble if you do not fill these two forms intentionally. You can also face charges of tax evasion if caught.
If you have made FD in Bank of Baroda or any other bank, then this news is very important for you. Because the time has come to submit the 15G and 15H forms. Experts say that if you get more than 40 thousand interest on a bank’s FD in a financial year, then the bank will definitely deduct TDS. However, the bank will not deduct TDS if the income comes in the adopted slab. For senior citizens in a financial year. This limit is 50 thousand rupees. By depositing Form 15G and 15H in the bank, it can be decided that the interest amount received on the deposit is not within the income tax.
What did the bank of baroda now say
State Bank of Baroda has said through a tweet that to submit Forms 15G and 15H, there is no need for long lines to be submitted. Now it can be easily deposited sitting at home. For this, the bank’s app Baroda M-Connect + will have to be used.
15G Form – These companies cannot fill it, it is only for individuals – Must be an Indian citizen – You must be under 60 years of age – Your income should be tax-free – Your annual income should be less than 2.5 lakh rupees
15H Form – Must be an Indian citizen – You must be 60 years or older – Your income should not be taxed.
TDS is charged at the rate of 10 per cent on the interest income from bank FDs. If no one gives his PAN, TDS will be deducted at the rate of 20 percent on it.
Important things related to Form 15G and 15H
The bank has to submit Form 15G / Form 15H at the beginning of the new financial year (starts from April 1. Ends next March 31).
Form 15H is for those who are over 60 years of age and Form 15G is for all other people whose total income does not exceed the maximum amount on which income tax is not to be paid.
Form 15G can be used by Indian citizens below 60 years of age, Hindu undivided family ie HUF or trust.
By depositing this form in the bank, FDs and interest earned from it can be saved from deducting TDS. Similarly, Form 15H is for Indian citizens above 60 years of age. Both forms can be filled both offline and online.
Someone’s income is Rs 2.5 lakh or above the prescribed limit and does not knowingly submit both these forms. Then he may have to face a lot of trouble later. If caught in income tax scrutiny, there can be charges of tax evasion as well.