Team's Daily Bytes 7. Reaching the unreachable areas of rules

Reaching the unreachable areas of rules - By Com M.Ezhilarasan, Tirupur

Form 60/15G and 15H collection is mandatory wherever it applies, as we all know.

But what's the disposal of these forms??? 

How many copies : Form is to be furnished by the Depositor(s) in duplicate

Disposal :  The second copy of the form will be sent to the Income Tax authorities within a week after close of the month. 

Who will forward it:  The second copy of the form will be sent by the *in-charge of the 
post office* concerned to the Income Tax authorities. 

What if it fails:

Following are the provisions of penalties in various Sections of Income Tax Act:
272A(2)(f) Form 15G/Form 15H not delivered to the Income  Tax department Rs.100/- per day but penalty not to exceed the amount of tax deductible

Refer POSB (CBS) manual 2021 corrected upto 31.12.2021 Rule no 3 point 1 (xiii), rule no 115 point  3 and Appendix XII rule 3 point 6