Bank has pay any penalty for receving 15G/15H from a customer if interest income excceds the exemption limit.The customer not willing to deduct TDS .He says that he will pay tax at the time of furnishing the income tax return
as per the law is concerned...if interest income including income from other sources does not exceeds the taxable limit then the submission of 15G/15H is must from the customer...... Further if the customer does not submits the 15G/15H and interest amount exceeds the exemption limit then it is rightful to deduct TDS....
CAclubindia
