Non deposit of tds by one of the largest banks

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S Vijayakumar (Querist)

09 August 2013 Credit to the pension account of Mr. X reveals that tax is deducted at source by the bank. This was not reflected in 26 AS for AY 2012-13. Still the returns were filed taking a letter from the bank that the TDS was deducted but deposited under a wrong PAN, the same shall be rectified. This was found only in July 2012. The banker was also provided necessary proof for the corret PAN.

Once again this is repeated by the bank in FY2012-13 relevant to AY 2013-14. Again 26 AS does not reflect the TDS and bank has given form 16. As the gross income is more than Rs. 5 lakhs, electronic filing is resorted to.

Now what is the solution for the following:
1. Does deposit by bank not reflected in the AS 26? (I am sorry to ask a silly question-this is what the banker told us and we also told them that TDS by other bankers are duly reflected in AS 26.

2. To whom can we complain - to the bank's higher ups in Delhi/Mumbai or to the Income Tax Office and if so to whom?

3. What is the effect of the assessment as the form 26 AS does not reflect the tax deducted - will there be any TAX PAYABLE -?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

09 August 2013 1. TDS deducted by EACH & EVERY deductor is reflected in Form 26AS if the PAN is correct and the deductor has filed the TDS return.

Probably the bank has not updated the PAN in their records.

2. Write a letter to the banking ombudsman with copy to the bank manager.

3. If TDS is not reflected in Form 26AS, tax credit will NOT be given to the assessee and tax demand will be made.

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CA Atul

CA Atul (Expert)

09 August 2013 Yes Mr Siddhartha is correct also ITD department raised query U/S 200A for non making payment of TDS so do it before next assessment year.

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