Interest income in the bank attracts tax, so in order to prevent tax deduction one have to submit Form15G or 15H. These forms are submitted once in a financial year, that is every year the validity of these forms ends on 31 March, and one have to submit new form in order to prevent tax deduction.
Form 15G is used for individual having age less than 60 years and Form 15H is used for senior citizen.PAN card is compulsory for submission of these forms in bank, that is PAN card should be mentioned on the form itself while submitting it to Bank.
There are many ways by which one can submit these form, through net banking, mobile banking or by physically submitting the form in branch.
People usually submit these form right in the first week of April itself, but this time due to Coronavirus it is not possible for one to visit the branch for this type of work. So in order to provide relief, government vide their notification dated 3 April 2020 extends the validity of From 15G and 15H up to 30 June 2020.
The order posted on the official twitter of CBDT is "In case if a person had submitted valid Form 15G and
Form 15H to the banks or other institutions for F.Y. 2019-20, then these
Form 15G and Form 15 H will be valid up to 30.06.2020 for FY 2020-21
also. It is reiterated that the payer who has not deducted tax on the basis of the said Form 15G and Form 15H shall require reporting details of such payments/credit in the TDS statement for the quarter ending 30.06.2020 in accordance with the provisions of the rule 31A (4)(vii) of the Income-tax Rules, 1962. "
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