UTI Bank / Form 15 g not considered
We had submitted form 15-g for not deducting tax at source as the person has no other surce of taxable income to the bank, UTI bank Ltd, Shakti Nagar Branch Delhi, where we hold our account, in the month of April-2006.
This was to ensure that no tax deduction takes place on income from the bank interest.
However we were stunned to find that bank had not considered the submitted form and deducted more than 5500 rupees as tax against the interest income for 2006-07 FY.
Such an act by a reputed bank like this one was not at all expected. Can we do anything against this and ensure that this doesn't happen in future?