The FD (Fixed Deposit in Post Office) is an important news for customers in the Bank and the Post Office.
If customers do not submit the 15G and 15H Form (Last Date for Submitting 15G Form 15H Form) by July 7, then they may suffer big loss.
According to the Income Tax Department, customers have to submit 15G and 15H form deposits (TDS) by July 7, otherwise TDS will be deducted on interest.
new Delhi.
There is important news for FD (Fixed Deposit in Post Office) customers in the bank and the post office. If the customers have not submitted the 15G and 15H Form (Last Date for Submitting 15G Form 15H Form) by 7 July, then they may suffer big loss. According to the Income Tax Department, customers have to submit 15G and 15H form deposits (TDS) by July 7, otherwise TDS will be deducted on interest.
Also Read: UAE issues 4,201 new licences for economic activities in June
Explain that the central government had given relief to TDS on interest payable on fixed deposits (FD) to depositors due to Coronavirus. But, if you do not submit the 15G and 15H forms now, TDS will be deducted. The Income Tax Department extended the period of filling this form till 7 July. Explain that both forms are required to be filled for relief from TDS on interest received on FD.
Bank Customers! Big news for bank customers, these 5 rules have changed significantly
According to the Income Tax Department, 10G TDS will be deducted , submission of 15G and 15H forms is mandatory. If not, the bank deducts 10% TDS on the interest amount. To avoid this, depositors have to fill in Form 15G or Form 15H to indicate that their income is below the taxable limit. TDS can be avoided on income such as interest or rent by submitting Form 15G or 15H (for senior citizens).
Who needs to submit the form?
Explain that Indian citizens below 60 years of age can submit the 15G form, HUF or trust tax. At the same time, people above the age of 60 years can submit Form 15H. Let us tell you that the duration of both forms is for one year. It is mandatory to submit these every year.
How will there be a refund after tax cut?
TDS is deducted on interest due to delay in submission of Form 15G or 15H, for which refund of income tax is filed.
