WHETER BANKS ON RECIPT OF 15G/H REQUIRED TO SUBMITTHE SAME TO IT DEPT ON OR BEFORE 7 DAYS OF NEXT MONTH I. IF YES THEN TO WHICH IT WARD.
2 Replies
mehul kishnani
(student)
(264 Points)
Replied 29 August 2010
Yes,as per section 197 A copy of such declaration i.e form shall be forwarded to CCIT/CIT on or before 7 days from the end of the month in which such declaration are furnished
venkatraman shrinivas
(Tax consultant/Tax Advocate In Practice.)
(313 Points)
Replied 29 August 2010
Yes copy of the declaration furnished by the tax payer to the Bank, or other financial institution ,which pays interest on money deposited ,has to file the declaratrion before the Commissionr of Income-tax, having jurisdiction over the tax payer , within 7 days from the nd of the month in which the declaration was failed.
Any failure would entail in levy of penalty by the Competent Auhority (Joint Commissioner) under section 272A(2)(f), which shall b eRs.100 per day of default, until th day the default continues.
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