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of <h1>Banks Must Acknowledge Form 15-G/15-H Receipts to Prevent Unnecessary TDS Deductions Under Income Tax Rules, 1962.</h1> Banks are instructed to acknowledge receipt of Form 15-G/15-H from depositors to prevent unnecessary tax deductions. Although banks are not required to deduct TDS from those who submit these forms under Income Tax Rules, 1962, there have been instances where tax is deducted due to forms being misplaced or not tracked properly. This causes inconvenience and complaints from customers. To address this, in consultation with the Indian Banks' Association, banks are advised to provide acknowledgments upon receiving these forms to ensure accountability and improve customer service.
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