Home - Taxation - Income Tax - Penalty for False filling of 15G and 15H Form

Penalty for False filling of 15G and 15H Form

The Income Tax department has changed the existing 15G and 15H rule for filling. As per the new notification released by CBDT, new revised format have been introduced for filling of said form. The below guidelines needed to be followed:

Modification in Form No.15G and 15H:

  1. CBDT vide notification No. 76/2015 dated 29.09.2015 have revised the format of Form No. 15G AND 15 H.
  2. Hence all the investor are advised to update the revised Form No. 15G and 15H with their respected banks from the F.Y 2015-16 w.e.f  01st October, 2015.

Who Can Fill 15G Form ?

Form 15G: Depositors not being a Company or a Partnership firm {other than Senior Citizens (60 years & above)} can submit Form No.15G in triplicate duly quoting PAN for non deduction of tax at source on interest where interest paid or credited on term deposits exceeds 10,000/- p.a and total income chargeable to tax is below the basic exemption limit i.e., 2.50 lac p.a.

Form 15H: Senior Citizens of 60 years and above have to submit Form No.15H (in triplicate) duly quoting PAN for non-deduction of tax at source on interest on their deposits exceeds 10,000/- p.a and total income chargeable to tax is below the basic exemption limit of 3.00 lac (in case of Senior citizens less than 80 years) or 5.00 lac (in case of Super senior citizens of 80 years and above).

Major differences in revised Form No 15G and 15H are as follows:

  1. Details of Income tax authorities such as Ward, Assessing Officer and Jurisdictional Commissioner of IT are removed.
  2. Schedule I, II, III, IV and V provided in old Form 15G/ 15H for capturing details of Shares, Securities and Mutual Fund Investments etc has been clubbed in table. Depositor can provide the details of investments / deposits at one place [Sl. No 19 of Form 15G and Sl. NO 18 of Form 15H].
  3. Quoting PAN in Form No. 15G/15H is compulsory and hence Form No.15G/15H without PAN shall not be accepted.

Income Tax has also made provision to submit the Form 15G and 15H through electronic process in later phase.

Guidelines Form 15G Form 15H
Who are eligible to submit ? Can be submitted by an individual and a person (other than a company or a Partnership firm) Can be submitted by a resident individual who is of the age of 60 years or more at any time during the previous year
Maximum amount of Net Taxable income of declarant (Depositor) [As per Sl. No 19 of Form 15G and Sl. NO 18 of Form 15H] Rs 2,50,000/- p.a Rs 3,00,000/- p.a

[Rs 5,00,000/- p.a in case of Super senior Citizens of age 80 yrs & above]

Periodicity Once in every year at the beginning of Financial year

and  at the time of New Deposit (either Fixed or Recurring Deposit) Opened/ Renewal of existing Deposit by the customer

Provision of Penalty and Prosecution for False filling of 15G and 15H

The investor should satisfy himself before filling the form that the information furnished in this form is true, correct and complete in all respects. Any false statement in the declaration shall be liable for prosecution u/s 277 of the Income-tax Act, 1961 and on conviction be punishable-

  1. In a case where tax sought to be evaded exceeds twenty-five lakh rupees, with rigorous imprisonment which shall not be less than six months but which may extend to seven years and with fine;
  2. In any other case, with rigorous imprisonment which shall not be less than three months but which may extend to two years and with fine. 

Get Daily Updates On Banking, Enter your email address:

Discuss Your Query :

x

Check Also

ITR Death person

Why is it needed to File Tax Return of Dead Person ?

As per Income Tax rule section 159 , it is necessary to file tax return ...