FORM 15G/15H

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2010 I am a bit confused regarding the submission of Form 15G & 15H to Income Tax Authorities. Few people are saying that it is not compulsory to submit the forms to Income Tax, we should keep it for office records & while scrutiny present it for verification & few says that it is compulsory to submit the Income Tax within one month of the receipt of forms ??? & if it is compulsory to submit to Income Tax within one month what is the penalty for failure of submission?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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25 August 2010 It needs to be submitted to the income tax within seven days from the end of the month in which the same is received.

Read section 197A(2).