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Submission of 15g & 15h

SHRIRAM PRASAD (MANAGER COMPLIANCE) (111 Points)

21 May 2014

Dear All,

I am Compliance Manager of Nidhi company. I am relatively new in TDS aspects. As nidhi company, we accept deposits from members and pay interest to them. We also take form 15G and 15H from members as part of their TDS compliance. My question is, What is the due date to submit the accepted form, by us to the income tax department? We collect the form on daily basis and submit it to the tax department on quarterly basis. does the due date falls on 7th day of the next quarter? or we should submit 7th day of the next month? I also need the section and rule which states clearly the time limit .
Kindly help

Regards,
B.Shriram prasad

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Rajagopalakrishnan R (PARTNER) (1422 Points)
Replied 21 May 2014

Rule 29C deals with these matters. The 15G/H received must be submitted to the concerned commissioner of income tax within 7th of the MONTH following the month in which the declaration is received.

Rule 29C below:

[Declaration by person claiming receipt of certain incomes without deduction of tax.

29C. (1) A declaration under sub-section (1) by an individual or under sub-section (1A) of section 197A by a person (not being a company or firm) shall be in Form No. 15G and shall be verified in the manner indicated therein.

(1A) A declaration under sub-section (1C) of section 197A by an individual resident in India, who is of the age of sixty-five years or more at any time during the previous year and is entitled to a deduction from the amount of income-tax on his total income referred to in section 88B shall be in Form No. 15H and shall be verified in the manner indicated therein.]

(2) The declaration referred to in sub-rule (1) [or sub-rule (1A)] shall be furnished in duplicate to the person responsible for paying the "interest on securities" or dividend or interest other than "interest on securities" or, income in respect of units or, as the case may be, any amount referred to in clause (a) of sub-section (2) of section 80CCA.

(3) The person referred to in sub-rule (2) shall deliver or cause to be delivered to the Chief Commissioner or Commissioner, one copy of the declaration referred to in sub-rule (1) [or sub-rule (1A)] on or before the seventh day of the month next following the month in which the declaration is furnished to him.

Explanation.—For the purposes of sub-rule (3), the Chief Commissioner or the Commissioner means the Chief Commissioner or Commissioner to whom the Assessing Officer having jurisdiction to assess the person referred to in sub-rule (2) is subordinate.]

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