TDS on interest from Bank

This query is : Resolved

S Kalyanasundaram (Querist)
Follow

29 August 2020 I had submitted Form 15H through on line to my Bank for the Financial year 2020-21 during April 2020.

As the earlier Form 15H submitted for the Financial Year 2019-20 has been made valid upto June 30th 2020, the bank expects to submit Form 15H for the FY 2020-21 again after 1st July 2020. In the absence of re-submission after 1st July,2020, the bank has effected TDS.

What is the correction position? Is the notification of Income Tax department extending the period of validity of Form 15H submitted for the FY 2019-20 upto June 2020, amounts to validity of Form 15H submitted during April 2020 for the FY 2020-21 valid only upto June 2020?

Thanks/Regards.

S Kalyanasundaram

CA Raj Doshi

CA Raj Doshi (Expert)
Follow

30 August 2020 Yes. The position by bank of deducting tds is correct.

S Kalyanasundaram

S Kalyanasundaram (Querist)
Follow

30 August 2020 When the Form 15 H has been submitted only in April 2020 for the current financial year of 2020-21, why it should be submitted again in July 2020? In the Form 15H the declaration has been made for the full financial year of 2020-21 and not for three months only upto June 2020.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now