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Late filing of 15G with of Commissioner of Income Tax

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(Querist)
17 May 2011 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.

Please clarify on the above immediately.

Best Regards,


GOVIND.
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
17 May 2011 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

CA MANOJ GUPTA
JODHPUR
09828510543
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