Penalty for Wrong Submission of Form 15G

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  1. sindagi s s

    sindagi s s New Member

    An employee recieving salary (after TDS ), has FDs in single branch of a bank and earns FD interest of Rs. 2,80,000 during FY 15-16. The bank as well as the above employee know that the employee is not eligible to submit the form 15 G, but the same is accepted by the bank and TDS is not made from the FD interest(normally done on 31st of march and on maturity date). However the employee pays advance taxes before 15th Sept,15th Dec and 15th March of the FY. Hence there is no tax evasion
    In the above case, what action is liable to be taken against the employee and the bank?
    Advance thanks to the experts for their advises.
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