EXCESS TDS ON BANK DEPOSITS
This query is : Resolved
11 April 2021
I AM A IT PAYER.I HVAE SOME FDs IN A BANK.
I am a IT payer. Investment in Bank Term deposits. Recently Syndicate bank merged with Canara Bank.
Till Feb 2021 TDS on accrued interest payout was done on quarterly basis on the Qly date of deposit.
As usual they have deducted TDS in 1st Feb, 2021 i.e. on the Qly date of deposits.
To my surprise they once again deducted TDS on 31st March,2021 on accrued interest for two months.
All my deposits are to be matured with compound interest.
On enquiry it is told that this is due to some change in version of program.
Thus I am liable to pay next higher slab of Income Tax.
Please guide what shall I do?
UPENDRA PRABHU
I am a IT payer. Investment in Bank Term deposits. Recently Syndicate bank merged with Canara Bank.
Till Feb 2021 TDS on accrued interest payout was done on quarterly basis on the Qly date of deposit.
As usual they have deducted TDS in 1st Feb, 2021 i.e. on the Qly date of deposits.
To my surprise they once again deducted TDS on 31st March,2021 on accrued interest for two months.
All my deposits are to be matured with compound interest.
On enquiry it is told that this is due to some change in version of program.
Thus I am liable to pay next higher slab of Income Tax.
Please guide what shall I do?
UPENDRA PRABHU
12 April 2021
Ask the bank to rectify it otherwise you liable to pay next higher slab income tax.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- CREDIT NOTES WITHOUT GST
- DIN reactivation
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- TDS Return Q1 FY 2026-27
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- Depreciation of fixed assets- coop housing society in mumbai
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
