Banks have moved the Finance Ministry to ease the procedural hassles relating to tax compliance being faced by depositors belonging to the senior citizen and economically weaker categories. The lenders have made a pitch that they should be allowed to act upon declarations in Form 15G (declaration made by an individual below 60 years claiming certain receipts without deduction of tax) and Form 15H (declaration made by an individual over 60 years) although the person filing the declaration does not have a permanent account number (PAN). Given that the golden agers park a substantial portion of their lifetime savings in fixed deposits and people belonging to the economically weaker sections (EWS) are increasingly being financially included, banks have represented that acting on the abovementioned declaration without PAN will alleviate the hardship caused to the EWS and to the aged.
Source: The Hindu Business line
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