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FORM 15G/15H

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Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2010 I am a bit confused regarding the submission of Form 15G & 15H to Income Tax Authorities. Few people are saying that it is not compulsory to submit the forms to Income Tax, we should keep it for office records & while scrutiny present it for verification & few says that it is compulsory to submit the Income Tax within one month of the receipt of forms ??? & if it is compulsory to submit to Income Tax within one month what is the penalty for failure of submission?

Aditya Maheshwari

Aditya Maheshwari (Expert)

25 August 2010 It needs to be submitted to the income tax within seven days from the end of the month in which the same is received.

Read section 197A(2).

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