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TDS-15G

PRACHI SHAH (C A STUDENT) (47 Points)

20 June 2009

hey ppl... plz help me wid dis..... form 15G has been recd from several parties for non deduction of tds on other int dtd 31/03/2009. by wat time do we need to submit dis in IT dept.... also wat are the consequences for delayed submission..........anyone out there plz help me out wid dis

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Sanjeev Jain (Chartered Accountant) (922 Points)
Replied 22 June 2009

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.