FORM 15H / FORM 15G

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thanumalayan (Querist)

29 May 2008 1) An individual, having fixed deposit in a Bank, instructed to credit the monthly interest fetched in it to credit to his Savings bank Account. For avoiding tax deductible in this regard he proposes to submit Form 15 H / Form 15 G. Who can give Form 15 H?

2) The Banker obliges his request not to deduct any tax in such Deposits.

3) Such individual has higher income and he pays tax in his PAN.

4) Is there any risk he has to face and whether any circumstances araises to penalise him for non payment of tax in such interest? In what circumatances?

CA Hemant T Dewani

CA Hemant T Dewani (Expert)

30 May 2008 form no 15G are given by an individual for not deducting tax on interest other than interest on securities if his gross receipt/income is less than exemption limit & form no 15H given by seinor citizen of the above case but in your case income is greater than the maximum exemption limit so in my opnion tds is to be dedicted from interest income

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