Tds of earlier years.

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This query is : Resolved

Hardik Makhecha (Querist)

28 March 2018 Hello,

There is a fixed deposit in the bank in NRO A/c of an NRI person for 5 Years, interest to be payable on maturity.
Due to lack of knowledge of Income-tax, that person never filed a return or claimed TDS deducted by bank on yearly basis for Interest accrual. Moreover, NRI was never informed to submit PAN to the bank.

So the issue is : 1. TDS of earlier years, remained unclaimed and found recently during maturity that amount received after TDS @ 30%.

2. If I file the return of income for AY-2016-17 & AY-2017-18 and claim respective TDS deducted in two years, i need to show the corresponding income for which tax is deducted. But interest was actually payable on maturity so cannot find the income amount to be shown in TDS Sheet.

As PAN was not submitted during that period, Form 26AS also not available.

Though we can go for a process to apply Commissioner for a refund along with condonation of delay, I thought at least when we have the option to file two years return up to 31.03.2018, we shall not do fault by missing it.

So can anyone guide me the best way to deal in it. Its case of my family member. Thank You.
Cell : 94272 18203

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

29 March 2018 Yes file ITR for 2 years as proposed before 31st March.
See 26AS by login to E filing site you will find interest income for which TDS deducted.

Hardik Makhecha

Hardik Makhecha (Querist)

10 April 2018 Thank you sir. Actually PAN was not submitted to bank earlier so that TDS deducted was not reflected in form 26 AS. Still we have filed return for two years. For supporting evidences, we have taken certificate from bank for tax deduction on our account and depositing the same to Govt.

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