09 February 2012
Respected CCI Members, I need a help fom you, please reply to my below mentioned problem and oblige me.
My father is an Ex-employee of Allahabad Bank. He made an FDR with the bank, without providing PAN. After that bank has deducted TDS @ 20% on our accured interest on FDR and asked him to provide his PAN, we also has provided same without any delay. But we are unable to receive neither form 16A nor it has been shown on his 26AS, yet till the date.I also had requested the branch manager to revise the return many times, but fails. So, now I want to make complaint of the branch manager. So please suggest me how should i move to get my father's deducted tax back. Yours urgent replies will help me a lot in this regard. Thanks in advance.
In a nutshell if the interest income from a bank from FDR is more than Rs.10, 000/- (and you have not submitted form 15H), the Bank will deduct the TDS 20%. in case you do not want the TDS to be deducted, you can split your Bank Deposits in two or more Banks or branches so that the total interest earned at one branch is less than Rs.10,000/-. (However, remember this does not mean that income earned from such deposits is exempted from income tax. You have to club all such interest income and add to your other income, and pay the tax while filing the income tax return.)