Tds deducted at 20% by bank, what to do???
This query is : Resolved
30 July 2012
Since, I had not furnished PAN in Bank, they have deducted 20% on Interest income on FD and has given me a Form 16A with Unique TDS certificate Number.
But, the TDS is not appearing in my Form 26AS.
Now, I such I will file the ITR giving TDS details and Unique TDS certificate Number but it will not match with Form 26AS.
I want to know that if Bank files a correction statement , will they give the credit of full 20% to my PAN or only 10% (which is the actual rate of deduction in case PAN is given.
If they give 10% credit, then will Bank refund me the excess 10% deducted.
In case bank refunds me the excess 10%, what is the mechanism through which bank will claim refund or adjustment of excess 10% from Income Tax department against their TAN.
But, the TDS is not appearing in my Form 26AS.
Now, I such I will file the ITR giving TDS details and Unique TDS certificate Number but it will not match with Form 26AS.
I want to know that if Bank files a correction statement , will they give the credit of full 20% to my PAN or only 10% (which is the actual rate of deduction in case PAN is given.
If they give 10% credit, then will Bank refund me the excess 10% deducted.
In case bank refunds me the excess 10%, what is the mechanism through which bank will claim refund or adjustment of excess 10% from Income Tax department against their TAN.
30 July 2012
I had never come across such a case, but if bank file the correction statement, it will file, then u have to see after filing correction statement by the bank, whether your26AS diplays amount deducted by 20 % or rectified unique tds certificate shows amount equal to TDS deducted.
30 July 2012
Agreed its a very rare case.
What you will have to do is show PAN to the respective Bank and definitely you will get the refund from the bank
What you will have to do is show PAN to the respective Bank and definitely you will get the refund from the bank
30 July 2012
And you can cross question bank by asking why it is not appearing in 26AS
30 July 2012
Thanks Aadish
31 July 2012
It is not a rare case. The provision for deducting 20% TDS, come way back in September,2010, so Bank might have come across this situation.
Any one doing bank audit , can help.
Any one doing bank audit , can help.
31 July 2012
1. The assessee has to provide his PAN to the bank.
2. The bank will file a revised TDS return. The bank will show TDS @ 20% in the TDS return.
3. After the bank files the revised return, TDS amount (20%) will appear in Form 26AS of the assessee.
2. The bank will file a revised TDS return. The bank will show TDS @ 20% in the TDS return.
3. After the bank files the revised return, TDS amount (20%) will appear in Form 26AS of the assessee.
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