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Tds on deposit in bank

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Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2015 My mother is a pensioner and has income within taxable limits. She has fixed deposits in PNB under interest payable on maturity option. Recently i was told that TDS had been deducted on her FD interest since she had not submitted form 15G/H in respect of the interest.IS the bank correct in deducting the TDS before the interest becomes payable? Further how does my mother apply for refund of TDS? Does She have to wait till submission of return next June 2016

Amol S Joglekar

Amol S Joglekar (Expert)

27 September 2015 Yes. The action of Bank is very much correct.
Let your mother file the income tax return to claim the refund. (Next June)

And please, this April 2016, do NOT forget to give form 15G/H to bank, AND TAKE ACKNOWLEDGEMENT FROM THE BANK THAT FORM IS RECEIVED. MANY BANKS (especially sbi, PNB, central bank etc.) HAVE A TENDENCY TO DENY THAT SUCH FORM WAS EVER RECEIVED.

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