Company 'A' has received Form 15G/15H from the Depositer 'B' for the F.Y.2010-11 before commencement of the Financial Year i.e.during April'2010.
a) What is time Limit for receiving Form 15G/15H from Depositers. b) What is time Limit for Submitting the received Form 15G/15H to the Commissioner of Income Tax. c) Penalty for Failure to submitt the received Form 15G/15H to the Commissioner of Income Tax.
1.THERE IS NO TIME LIMIT FOR RECEIVING THE FORMS IT IS THE PAYEES HEADACHE 2. THESE FORMS SHALL BE SUBMITTED BY 7 DAY OF THE MONTH FOLLOWING THE MONTH IN WHICH DECLARATION IS OBTAINED 3. PENALTY IS 100 PER DAY OR AMOUNT OF TAX DEDUCTIBLE WHICHEVER IS LESS