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Income Tax

 
Information Regarding Income Tax

 

1)      If any Savings accountholder  credits amount of Rs.10.00 lakhs or more in cash to his/her savings account  in   total during a      year,  Bank has to report  it to the Income Tax Office by way of Annual Information Return (AIR) yearly according to the Income Tax Act, 1961.

 

2.     2)   Fixed  Deposits of  Rs.2.00  lakhs  and above, amount  of Rs.2.00  lakh and above, in cash credited  in any account and any cheque, pay Order or cash amount of  Rs.1.00 lakh withdrawn  from any account  shall have to be  informed  by bank yearly to the Income Tax Office. 

 

 

3.   3) Permanent Account No. (PAN) is essential for  every cash transaction of Rs.50,000/- and above in Bank.

        However,  if  He/She  dosen’t have PAN then He/She  could give declaration  in Form No.60. It  is available on this website  which can be downloaded. 

 

  

4.   4)  Interest income  of Rs.10,000/-  and above in a financial year from Fixed Deposit  attracts  10% TDS . However,  if the depositor  is having income from agriculture and gives  undertaking in Form No.61 the Tax  will   not be deducted from the interest income  of depositor. But  Bank has to report  the information on yearly basis  to the Income Tax Office.  Form No.61  is available on this website  which can be downloaded. 

 

 

5.   5) With effect  from 1st June 2015 every depositor whose income  from total interest from total deposits kept in all the branches of  Bank  exceeds  Rs.10,000/- in a Financial Year  attracts  TDS  @10% .  Here, income from interest has considered from Fixed Deposits and Recurring Deposit  accounts. However,  the following categories  are exempted from TDS application.

 

I)  Those individual depositors  whose  total taxable income from all the sources is less than Rs.2,50,000/- in a financial year and whose  age is  less than 60 years  can submit declaration in Form No.15 G in triplicate. Form No.15 G  is available on this website  which can be downloaded. 


     Income from agriculture is totally tax free, but  from agricultural income if  investment has been done  then interest  income from that investment is not tax free. Further Companies and  Firms are not allowed to submit this Form.

 

II) a. Those individual depositors whose total taxable income from all the sources is less than Rs.3,00,000/- in a financial year and whose age is  more than 60 years but less  than 80,

 

 

  b. Those individual depositors whose total taxable income from all the sources is less than Rs.5,00,000/- in a  financial year and whose age is  more than 80 years,

 

              both  can submit a declaration in  Form No.15H in triplicate.   Form No.15 H   is available on this website  which can be downloaded. 

 

             The above declarations  should be submitted in a month  in which amount of interest  from deposits exceed Rs.10,000/-  or  at the time of  acceptance of deposits.  Such declaration  should be submitted at beginning  of every financial year.  The concerned Branch will handover a certificate in Form No.16 A for the TDS  to depositor  at  the end of  30 days  from the concerned end  of  the  quarter.  These  declarations should be accompanied a zerox copy of  PAN card and unless PAN card  is  produced declaration  is not valid.


 

 

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