Punjab National Bank: If you have made FD in PNB or OBC and United Bank of India, then this news is very important for you. Let’s know the whole matter ….
FD ie fixed deposit is still considered the safest and best option. But there is also a tax on the interest received on it. That is why two forms have to be submitted in the bank. In simple words, if the interest on FD in a year is more than a certain limit, then banks deduct TDS on that amount of interest. For the financial year 2018-19, this limit was Rs 10,000 and for senior citizens it was Rs 50,000. This limit is Rs 40,000 for the financial year 2019-20 and Rs 50,000 for senior citizens.
The country’s largest state-run bank PNB has said in its tweet that there is no need to visit the bank’s branch to fill 15H (15H Form) and Form 15G (15G Form). That is why today we are giving you the necessary information related to the 15H (Form 15H) and Form 15G.
Tax experts say that keep in mind that if your income is Rs 2.5 lakh or above the prescribed limit, do not intentionally fill both these forms. The reason is that now the PAN number is given with the forms. Due to this, you may have problems later. You can also face charges of tax evasion if caught.
Summer time is for staying indoors! Be cool and arrange for your Form 15G/15H pick-up from home.😎
Download #DSBapp to avail the service. To know more, visit: https://t.co/JSaSTgFKKW#doorstepbanking pic.twitter.com/ZCz3QSRYVf
— Punjab National Bank (@pnbindia) March 20, 2021
First of all, know about 15G and 15H form…
Form 15G and Form 15H is that form. In which it is said that the person states that his income is less than the taxable limit. Therefore, it should be kept out of the purview of tax.
You can avoid paying TDS on income like interest by submitting Form 15G or 15H. These forms have to be given to banks, corporate bond issuing companies, post office or tenant etc.
The validity of 15G and 15H is only for one year. They need to be deposited every year. Refund of additional TDS deducted due to delay in submission of Form 15G or 15H can be taken only by filing income tax refund.
Now what will PNB customers have to do?
The bank has told via tweet that customers do not need to go anywhere for 15G and 15H forms. Simply apply for the service to submit the form by calling 18001213721 or 18001037188 from your phone. After this, the bank will send its employee to collect the form. Let me tell you that before that, to submit this form, you had to go to the bank branch.
Government Bank Oriental Bank of Commerce (OBC-Oriental Bank of Commerce) and United Bank of India (UNI-United Bank of India) have merged with PNB-Punjab National Bank, the country’s second largest government bank.
If you do not fill the form, there may be a big loss
Penalty can be imposed under Section 277 of the Income Tax Act for wrong declaration in Form 15G. Tax experts say that wrong information in this form can lead to imprisonment ranging from three months to two years.
Penalty will be levied separately. If there is a case of tax evasion of more than 25 lakhs, then there can be a jail and fine of up to seven years.
