Tds refund possible? (Income Tax)

This query is : Resolved

Naimesh

( Author )
25 July 2012

Dear sir,
I have invested in FD in bank on 1-4-2011 for 1.5 years of Rs 3 lakhs.
Intres in FD is rs 40,500.
Bank have deducted TDS but FD is not yet matured.

*my q. is tds deducted can be refunded or not?

(bank refused to me that it is not possible now and said that if you have filed form 15G before 31-3-12 then TDS would not be deduct.)

Dintakurthi Tirumala

( Expert )
25 July 2012

You can get the refund of TDS by filing your Income tax return with the IT department. For it you have to get the Form16A from the bank. Please contact your nearest auditor for more details and process of IT return filing and requirements to IT return filing etc....

OM SAI SRI SAI JAI JAI SAI

Naimesh

( Author )
25 July 2012

But i have not taxable income in this year.
Then why i have to file return of income?
3lakhs in FD is saving of so many previous year.

CMA Ramesh Krishnan

( Expert )
25 July 2012

TDS once deducted by bank and uploaded in your PAN. it is possible to get back only by filing Income tax return. it is not possible deductor (Bank ) to refund the amount. Even though you are not having taxable income, you can file the return to get the Tax refund, collect your form 16A from bank and check the form 26AS status and file the return for getting refund

Naimesh

( Author )
25 July 2012

Thanks sir...