Submission of 15G/15H

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  1. Pardeep Goyal

    Pardeep Goyal New Member

    My wife(Age 55 years) has a total income of Rs.330000/-in financial year 2015-16 which includes FD interest income of Rs.16000/- and she has submitted 15G with her bank out of ignorance.She also has deductions u/s 80C of Rs.90000/-Now I have come to know that 15G can only be submitted if your income is less than basic exemption limit i.e.Rs.250000/-.Though her tax liability is nil but she has wrongly filed 15G.Please let me know if any corrective measure can be taken and what are the consequences of this.

  2. ZED

    ZED Well-Known Member

    Repercussions for submitting false info are dire. Although S.277 talks about imprisonment but since the income is also not taxable, it is possible that imprisonment will not be ordered. It is generally intended for big cases involving fraud.
    Discuss the matter with Bank (prefer in written), ask them to deduct your tax and consider form 15G as void.
    You might be advised to inform this to your AO, to whom the declaration has been submitted.[Something which I would prefer]

    Imprisonment in this case is an overkill and an extremely least likely to happen.

    If a person makes a statement in any verification under this Act or under any rule made thereunder, or delivers an account or statement which is false, and which he either knows or believes to be false, or does not believe to be true, he shall be punishable,—

    (i) in a case where the amount of tax, which would have been evaded if the statement or account had been accepted as true, exceeds twenty-five hundred thousand rupees, with rigorous imprisonment for a term 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 for a term which shall not be less than three months but which may extend to two years and with fine.
  3. Pardeep Goyal

    Pardeep Goyal New Member

  4. Pardeep Goyal

    Pardeep Goyal New Member

    But in this case the financial year is already closed and the interest earned of Rs.16000/-is reflected in 26 AS but there is no overall tax liability.That means the bank has already sent 15G to income tax department.


    Pardeep Goyal
  5. ZED

    ZED Well-Known Member

    Yes, they must have. But still its the AO who should know about it.
    In any case do file the return disclosing all the income.
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