The Income
Tax Act provides provision to deduct tax on interest income of the bank
customers in India.Bank customers at present use self declaration forms 15 G/H
to instruct banks from not to deduct tax at source.This policy of the
government is not good as this almost deceive GOI annually 50000 -70000 Crores { 500 -700 Billion }.Why we not abolish use of 15 G/H.The aggrieved persons may file ITR to get
refund.Please simplify rules so that banks can act properly.
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Money matters.
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