Regarding tds refund

This query is : Resolved

sanjay kumar (Querist)
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18 October 2012 Pls..... help me. One of my friend is the branch manager of bank. He has deducted the tds on govrnment account by mistake . Now he want to recover that amount and redeposite in same accont.how it will happend.

auditor sekar

auditor sekar (Expert)
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18 October 2012 GIVE ME details like UNDER WHICH HEAD? TDS ON WHAT Payments: DEDUCTED, and date of payment??

sanjay kumar

sanjay kumar (Querist)
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18 October 2012 Sir, Gov. institution has not having the pan ,so deduction has made on 20% on Fixed Deposit.

auditor sekar

auditor sekar (Expert)
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19 October 2012 As per the bank's Centralised Software whenever the interest reaches the stipulated limit, software automatically will deduct the tax on such deposits. Whereas in respect of COURT DEPOSITS, GOVERNMENT DEPOSITS, and Public Institutions Deposits this will have an adverse effect.
In this case The following is the proceedure tobe followed by Banks. (which is followed by my bank clients).
1) Reverse the Tax entry and redeposit it in to deposit a/c.

This is the only remedy available to Banks. Whereas if it is not reversed within a day it is not possible to recover the TDS.

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