03 April 2019
Person who is recipient of income (deductee) submits 15G by furnishing the particulars of his own with the deductor so that the deductor would not deduct TDS on deductee's income. If income of the deductee is taxable then he should not file or submit 15G. Deductor is responsible only in such cases when income declared by the deductee and/or income payable by him exceeds the taxable limit.
03 April 2019
If a false or wrong declaration in Form 15G is made it attracts penalty and prosecution U/s 277 of the Act. "Prosecution includes 3-24 months imprisonment.
CAclubindia
