Tds deducted at 20% by bank,what to do?

TDS 1421 views 5 replies

Priyesh Jain

CA Service in PSU

90 Points Joined April 2012

Since, I had not furnished PAN in Bank, they have deducted 20% on Interest income on FD and has given me a Form 16A with Unique TDS certificate Number.

But, the TDS is not appearing in my Form 26AS.

Now, I such I will file the ITR giving TDS details and Unique TDS certificate Number but it will not match with Form 26AS.

I want to know that if Bank files a correction statement , will they give the credit of full 20% to my PAN or only 10% (which is the actual rate of deduction in case PAN is given.

If they give 10% credit, then will Bank refund me the excess 10% deducted.

In case bank refunds me the excess 10%, what is the mechanism through which bank will claim refund or adjustment of excess 10% from Income Tax department against their TAN.

Replies (5)

S Gupta

Finance Manager

92 Points Joined June 2012

Dear Jain,

You have not submitted your pan number. How can you reconcile with Form 26AS. The TDS deduction will not reflect in your form 26AS. You can file your return with Form 16A details. In your case the bankers already remitted the tds amount to dept and filed the tds returns. They will not refund the amount. If you are salaried employee you can disclouse the interest income as other income and claim the refund amount (i.e., execss deduction of tds) if you are in 10% slab.