• Wrong submission of 15H

I am a Sr citizen my income from pension -1,91,400.00; income from bank FD interest -1,86,400;80C deduction-9200(LIC);I have taxable income though I submitted 15H ,so TDS not deduction for FY-17-18;I have submitted my return and pay Tax as per IT slab,(not TDS) and it was successful ly processed.But I have submitted 15H by mistake,and no TDS deducted reflect form 26AS for Fy-17-18;AY-18-19,this year mistake again (for fy-18-19)and after it Now what should I do for the problem of previous year and this year and advise as early as possible .
Asked 17 days ago in Income Tax from Gairkata, West Bengal

Now you can't do anything once you have submitted Form 15H.

 

There is a prosecution section for providing false information which can charge prosecution from 3 months to 2 years but it applies only when there is some tax evasion.

In your case you are paying proper tax and filing return properly so I dont think there would be an issue.

I would suggest you to apply for lower deduction u/s 197 rather than going for Form 15H.

 

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

 

Thank you.

Naman Maloo
CA, Jaipur
1363 Answers
16 Consultations

5.0 on 5.0

Sir TDS and tax as per slab are one and the same thing, TDS needs to be deducted by bank and same needs to shown by you in your bank account.

No there wont be any adverse effect of this on FD maturity.

section 197 allows for a lower deduction as in your case as you need to pay only 5% tax as you are in first slab

You need to fill form 13 and file with your assessing officer and if he is satisfied he will issue lower deduction certificate u/s 197. It is valid for 1 year.

If you have any further doubt or need further consultation you can call me.

Naman Maloo
CA, Jaipur
1363 Answers
16 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

A false or wrong declaration in Form 15G/H attracts penalty under Section 277 of the Income Tax Act. "Prosecution includes imprisonment which may range from three months to two years along with fine. 

However, in your case, there won't be any issue as you have paid proper taxes as per your slab rate.

 

 

 

 

 

Payal Chhajed
CA, Mumbai
2069 Answers
17 Consultations

5.0 on 5.0

Section 197 of the Income Tax Act, 1961 provides for the facility of NIL deduction of tax at deduction at a Lower rate of tax. To avail of this benefit, the assessee whose TDS is likely to be deducted on certain receipts should make an application before the TDS Assessing Officer who has a jurisdiction over his/ her/ its case. The deductee concerned may apply for a certificate for Nil or lower deduction of TDS on their receipts in Form No 13.

Once the certificate received by deductee, he/she/it can submit to Deductor to deduct the TDS at NIL rate or lower rate.

 

We may help you in apply procedure.

Payal Chhajed
CA, Mumbai
2069 Answers
17 Consultations

5.0 on 5.0

Hello,

 

Any person making a false statement in the 15G/15H declaration shall be liable to prosecution under section 277 of the Income-tax Act, 1961.

But since you have paid proper income tax while filing your return, there won't be any problem.

 

I hope this answer satisfies your requirement.

 

Regards,

CA Hunny Badlani

Hunny Badlani
CA, Neemuch
133 Answers
1 Consultation

5.0 on 5.0

For Non or lower deduction of TDS, an application using the FORM 13 is required to be filed with the Assessing Officer(TDS) for seeking permission. If the application satisfies the AO, he would process the issue of the certificate. The copy of this certificate can be attached to the invoice given to the deductor, and he can use this to justify the lower tax deduction. The certificate is issued for a particular financial year and stands valid from the date of issue and throughout the financial year unless canceled by the assessing officer (TDS) before the expiry.

 

I hope this answer satisfies your requirement.

Hunny Badlani
CA, Neemuch
133 Answers
1 Consultation

5.0 on 5.0

Hi,

 

Any person making a false statement in the 15G/15H declaration shall be liable to prosecution under section 277 of the Income-tax Act, 1961.

But since you have paid proper income tax while filing your return, there won't be any problem.

 

- Your taxable income is Rs.3,68,600 and for Sr. Citizen, maximum exemption available is Rs. 3 lacs. It is better not to submit Form 15H and claim refund of TDS at the time of filing of ITR. 

 

Thanks

Vivek Kumar Arora
CA, Delhi
2412 Answers
105 Consultations

5.0 on 5.0

Hello Sir,

 

There is no need to worry as you have already paid proper taxes  as per applicable slab rate at the time of filing return.

 

You will be not be liable for any prosecutions as mentioned in section 277 of income tax act.  

 

Karishma Chhajer
CA, Jodhpur
1004 Answers
4 Consultations

5.0 on 5.0

Sir,

Your total tax payable works out to Rs.3430. Unfortunately, since tax is payable, TDS is applicable.

But I could not find any provision directly applicable to wrong declaration of 15H.

However, there is section 277 on false statement in verification etc. which might cover the subject case. In such a case, the act may be considered one of false submission in verification, etc. u/s 277 and accordingly, penal provisions may apply. However, since the wordings include "knows or believes the statement to be false or not true", the law covers the wilful intent. Since it does not appear that you have submitted the form 15H to evade tax, and this has happened by mistake, perhaps that angle can be looked into.

Further, you may immediately withdraw form 15H for FY 19-20.

 

Please send further query if not satisfied. I will explore other rules and sections to give a better opinion.

 

Thanks

Siddharth Jain

Siddharthh Jain
CA, Gurgaon
14 Answers

5.0 on 5.0

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