TDS 15G

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PRACHI SHAH (Querist)
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21 June 2009 certain parties have issued us form 15G towards non deduction of tax at source on other interest dated 31.03.2009 for ay 0910. by wat should i have sent a copy of these forms to IT dept? also what are the consequences of late submission of these forms to IT dept. plz help

Sanjeev Jain

Sanjeev Jain (Expert)
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22 June 2009 Hie,

I have already answer your query last night. same is given here again

Hie,

See TDS certifiacte no.15G will be received from the Income tax department by applying in a prescribed way by the assessee himself or any other person on his behalf. After being satisfied Inocme tax Officer either grant No Deduction Certificate or Low Deduction certificate on the basis of information submited to him. you need not to submit this certifacte anywhere in the daptt. untill unless they ask for it.

You just need to keep the copy of it for your own record (i.e. in case of Tax Audit) to convey that you have made full efforts to assure that all the legal compliance have been duly complied with.

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Deepak Goel

Deepak Goel (Expert)
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22 June 2009 No Mr. Jain, there is no need to get Form 15G from income tax deptt. We can get it from market. It should be signed by the assessee in triplicate. Two copies must be sent to the income tax deptt within 7 days of the following month. If Form 15G could not submit within 7 days then we have to deduct TDS.

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CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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22 June 2009 In this case, you should submit the form by 7th April with the Commissioner of Income Tax.

Ratan Sharma

Ratan Sharma (Expert)
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22 June 2009 Hi Prachi,
No , Even if Form 15G is submitted late you need not have to deduct the tax. There are no consequences, only you have to prove that the Form 15G are received within due date and the delay has been occured on your part.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 June 2009 197A(1A) Notwithstanding anything contained in section 193 or section 194A or section 194K, no deduction of tax shall be made under any of the said sections in the case of a person (not being a company or a firm), if such person furnishes to the person responsible for paying any income of the nature referred to in section 193 or section 194A or section 194K, as the case may be, a declaration in writing in duplicate in the prescribed form and verified in the prescribed manner to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil.
THIS MEANS FORM 15G IS TO BE FURNISHED IN DUPLICATE.

DELAY IN ONWARD FILING OF 15G TO THE IT DEPARTMENT ATTRACTS PENALTY -MINIMUM RS 100/-FOR EVERY DAY DURING WHICH THE FAILURE CONTINUES SUBJECT TO A MAXIMUM OF THE AMOUNT OF TAX DEDUCTIBLE. Ref:- section 272A(2) of The Income Tax Act,1961.

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