I have advanced a loan of Rs.250,000 @ 12% to Proprietorship Firm. The Firm is deductiing TDS on Interest amount.
My Gross Total Income is below the exemption limit and I want to file Form 15G.
1. What is the PROCEDURE to submit Form 15G?
2. Whether the FIRM has to submit one copy of Form15G to I.T Dept? what if they forget to submit to Income Tax?
3. What is the TIME Limit to file Form15G?
Pls Advise.
Thanks
Refer Rule 29C of the Income Tax Rules
Rule 29 C
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(3) The person referred to in sub-rule (2) shall deliver or cause to be delivered to the Chief Commissioner or Commissioner, one copy of the declaration referred to in sub-rule (1) 59[or sub-rule (1A)] on or before the seventh day of the month next following the month in which the declaration is furnished to him.
Explanation.—For the purposes of sub-rule (3), the Chief Commissioner or the Commissioner means the Chief Commissioner or Commissioner to whom the Assessing Officer having jurisdiction to assess the person referred to in sub-rule (2) is subordinate.]
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