Procedural lapse in filling form 15g/h

Hi All,

 

I have the following query in relation to non- submission of Form 15G/H 

One my client has collected form 15G/H from the parties but has not submitted the same to the department. Now the department in scrutiny proceedings want to disallow the same for the violation of sec 40(a)(ia) .

 

Can assesseee seek for the allowances of such expenses on the basis that there was only procedural lapse to file the Form with the department however the Forms were fully valid in its originality

Also correct me , if I am wrong i n the following : 

The last  date to file Form 15G/H is the last date to pay the TDS in time to the department.

Awaiting an early reply

Replies (7)

Hai,

As per Section 197A(2) which is given below for your reference, Deductor has to submit the declaration (15G/15H) received by him should be submitted to Commissioner of Income tax on or before 7th of the following month in which such declaration is received.

 

2) The person responsible for paying any income of the nature referred to in sub-section (1) or sub-section (1A) shall deliver or cause to be delivered to the Chief Commissioner or Commissioner one copy of the declaration referred to in sub-section (1) or sub-section (1A) on or before the seventh day of the month next following the month in which the declaration is furnished to him 

There is penalty for non submission of the same to CIT, at Rs. 100/- per day during such failure continous, subject to maximum of TDS amount.

As per Section 272A(2), Rs. 100 per day till teh date of default continues will be charged.

I have made a Fixed deposit of Rs. 34537 on 26.01.09 @ 9%p.a. for 1000 days having a Maturity Value of Rs. 44091 dt 23.10.11. I have received on maturity (Net of TDS:Rs.1115) Rs. 42976.My total Interest for 1000 days is Rs. 9554.
I wants to kno whether bank has valid reasons for deduction of TDS u/s 192A. As my Interest on F.D. doesnt exceeds Rs. 10000 in a financial year.

Plz clarify do you have any other FD in the same customer id with the bank as limit is for total intt. not for one FD.

Thanks for the penalty provision but plz clarify the claim u/s 40(a)(ia) 

In case there is delay in submission of Form 15G / H. as there is only fault on the part of the assessee was that the relevant form could not be submitted within time stipulated in the Act. However, the same were available before AO at the time of framing the assessment order, therefore the payments made to parties could not be disallowed.

Ref. Shyam Sunder Kailash Chand v. ITO (2011) 42 (II) ITCL 457 (Jp-Trib): (2011) 141 TTJ (Jp-Trib) 126

Plz clarify.... while filling online form 15G by deductor if customer have no pan number then what the procedure has to be followed by deductor

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