Interest paid on refund claim
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 June 2016
I have only 4.5 lakhs interest income on fixed deposits in one bank only in AY16-17.
I save 1.5 Lakhs under 80C in AY16-17.
Bank will deduct quarterly TDS @ 11.25 Thousand.
15H is not being taken by bank as interest income is greater than 2.5 Lakhs in AY16-17.
After 31st March'2017 I shall claim 45 Thousands refund after filing ITR.
IT dept. will refund 45Thousands with 6% interest on it calculated from April'17 to till date of refund.
MY QUESTION THAT IT DEPT. MUST PAY ME INTEREST ON THE TDS REMAINED WITH THEM FROM END OF 1ST QUARTER OF AY16-17 & ONWARD QUARTERS AS PER SUPREME COURT JUDGEMENT IN YEAR 2014. BUT, THEY DON'T PAY. THUS. I LOOSE AROUND 2 THOUSAND AS INTEREST FOR NO FAULT OF MINE.
IF THERE IS ANY RULE TO CLAIM THIS INTEREST (2 THOUSAND) FROM IT DEPT. THEN KINDLY LET ME KNOW.
I save 1.5 Lakhs under 80C in AY16-17.
Bank will deduct quarterly TDS @ 11.25 Thousand.
15H is not being taken by bank as interest income is greater than 2.5 Lakhs in AY16-17.
After 31st March'2017 I shall claim 45 Thousands refund after filing ITR.
IT dept. will refund 45Thousands with 6% interest on it calculated from April'17 to till date of refund.
MY QUESTION THAT IT DEPT. MUST PAY ME INTEREST ON THE TDS REMAINED WITH THEM FROM END OF 1ST QUARTER OF AY16-17 & ONWARD QUARTERS AS PER SUPREME COURT JUDGEMENT IN YEAR 2014. BUT, THEY DON'T PAY. THUS. I LOOSE AROUND 2 THOUSAND AS INTEREST FOR NO FAULT OF MINE.
IF THERE IS ANY RULE TO CLAIM THIS INTEREST (2 THOUSAND) FROM IT DEPT. THEN KINDLY LET ME KNOW.
Amol S Joglekar
(Expert)
01 June 2016
IT dept does pay interest. It gets generated automatically at CPC processing. If it is NOT generated, you may file an application asking for the same.
Rupesh Jain
(Expert)
01 June 2016
deptt give intt if your tds amount will remain after set off your tax liability.
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
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Reward for festival
- Rent agreement of House of deceased person
- Closer of business and itc of capital goods
- RCM and same line
- Gift to nri relatives resides in usa
- Appointment of Auditor By Form ADT-1
- TDS Return Statement Status
- ARCA LOGIN
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
