Corrections in tds deduction at source by bank u/s 194 a

S S Dahale ( Agri and business) (439 Points)

17 August 2016  

 It has been observed that , as IT department has made it mandatory for all  co-operative banks , to deduct TDS at source (quarter wise) on the interest generated  on FD,  RD  accounts of the persons, as this being 1 st year to implement so.. many banks and its depositors , have caused errors in the same , like despite of being  having PAN No..... not furishing  of the same with  the bank ,non uploading / wrongly uploading of PAN details by the bank etc.. so it has been seen , honest TAX payers are suffering, of deduction of  20%  as TDS  at source , (though, it ought to have 10%) is there  is any way for this agony,for  banks through  CA of the bank , or that DEPOSITOR  to get  TDS adjusted  to the CORRECT one in 26 AS at TRACES , ( as most likely if that FD is long duration) he is likely to loose INTEREST ON INTEREST  of that OVER SIZED  TDS DEDUCTION   ( at source)