15g

This query is : Resolved

Subhash (Querist)
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03 April 2019 The deductor had filed 15G of the deductee even if the deductee has total income above taxable limit ?

What would be the consequences for the deductor ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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