What should be done with Form 60/Form 15G/Form 15H collected from depositor - Article by Com. G. Gurusivam

 GURU’S DAILY INSIGHTS 20

What should be done with Form 60/Form 15G/Form 15H collected from depositor

(Rule 115 (3) of POSB CBS manual 31.12.2021)

 

Ø  Form 15G is the form given by depositor aged below 60 declaring that his total estimated total income for the financial year is nil and the aggregate amount of interest credited or paid during the financial year is not more than the maximum amount which is not chargeable to tax i.e thresh hold limit fixed by the Government for a particular financial year, TDS will not be deducted.

 

Ø  Form 15H is submitted by depositor aged 60 years or above

 

Ø  Form 15G/15H furnished by the depositors once in a financial year.

 

Ø  This form is to be furnished by the depositor in duplicate.

 

Ø  The second copy of the form will be sent by the in-charge of the post office concerned to the Income Tax authorities within a week after close of the month.The depositor should give his/her complete postal address in Form 15-G or 15-H.

 

Ø  Form 60/61 collected should be also forwarded to income tax authorities.