10/04/2018
Brief on form 15G & 15H by
ACTWISE CONSULTANCY SERVICES.
What is form 15G / 15H??
We get to hear that it is just a formality to deny banks from deducting our money as TDS
Tax payers should understand what actual meaning and application of form no. 15G/15H
By giving a declaration on form 15G/15H we declare that our income for that particular Financial year (previous year) will be below taxable limit.
Now here taxable income is the gross income (excluding deductions) you earn during the year.
There are a lot of people who try to evade tax by showing less income instead of showing their actual income. But they will have to be watchful now. Those days are gone, your income will be traced easily. Years back form no. 15G / 15H were filed manually, but now its compulsory for all the deductors to file online Form no. 15G / 15H.
Friends before signing Form no. 15G / 15H please refer the declaration paragraph in the form and also refer point no. 8(15H) or 10(15G), in this point it's clearly mentioned as below.
Any person making a false statement in the declaration shall be liable to prosecution under section 277 of the Income-tax Act, 1961 and on conviction be punishable
(i)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;
(ii) In any other case, with rigorous imprisonment which shall not be less than three months but which may extend to two years and with a fine.
I would request you to avoid such practices for your security.
Friends if you have any query in filing form 15G / 15H feel free to contact us.
ACTWISE CONSULTANCY SERVICES
217, CITY CENTER, opp. M.P.Shah Arts & science college, Joravarnagar cause way road, SURENDRANAGAR - 363 002
Ph: 88662 12088 / 94088 89894
Darshan is a certified income tax practitioner and a young entrepreneur blood keen on to dedicating to his customers. He has more than 3 years of experience of practicing the cases of income tax and is best in business.
