My friend wrongly submitted form 15H when he had taxable income. Hence no TDS was deducted by bank on interest.
To rectify this can he pay the TDS amount as advance tax for the current financial year. Or is there any other remedy.Please suggest.
My friend wrongly submitted form 15H when he had taxable income. Hence no TDS was deducted by bank on interest.
To rectify this can he pay the TDS amount as advance tax for the current financial year. Or is there any other remedy.Please suggest.
Sir,
So far as I understand, if a person wrongly submits Form 15G/H even if having taxable income, there can be prosecution intiated against him but no penalty is imposed. Generally, dept does not go for prosecution for such cases and as there is no monetary penalty provision for this, you need not to worry much. Paymen of advance tax would stop 234B&C.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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