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What is exact procedure to submit form 15G/H to a Bank, how many copies of PAN card, form itself?

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Taxes

What is exact procedure to submit form 15G/H to a Bank, how many copies of PAN card, form itself?, 2.0 out of 10 based on 1 rating
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Is the form 15G/H is customer ID specific or a specific deposit account specific, Different banks are following different procedures , they put blame on Income tax department. Some accept the form in duplicate, some in triplicate, some do not ask PAN card copy , some are asking two or three copies !
Income Tax site is not user friendly, hence this question.

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3 Answers



  1. ChummaUmma on Jun 14, 2012 reply

    Normally these forms have to be obtaine din duplicate-one for depositor and the second copy for the bank.The insistence on PAN card is to ensure that correct PAN number is filled in in the forms.

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  2. SANTOSH KUMAR on Jun 14, 2012 reply

    Correct rule is to submit these forms and copy in duplicate. One copy is send to Income Tax Department by bank and other is kept by them for their records purpose.
    Form more information visit income tax web site http://www.incometaxindia.gov.in and follow link
    Income Tax Rules > Form 15G/H and read the footnote and instruction in respect of these forms.

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  3. jitesh on Jun 14, 2012 reply

    form 15g/h is used for prevention of tds to be deducted on deposits income. it is to be submitted in duplicate to bank, one is sent to income tax, and other copy remains with bank.one copy of pan card can be asked for but, many banks only verify the original and see whether the correct pan is entrered in it or not

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