Tds u/s 194a(1) interest on fd

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2013 Hello everyone,one of d my client has nt aware abt TDS on FD interest,since last 3 yrs.Now at d time of maturity he cm 2 kno dat certain portion of d fD hs bn dedctd as TDS @20% rate by nt applying 15G/H, nt as well by nt having PAN,bank hs streight way dedctd TDS, now d client ask for refund as he ws nt aware abt it & bank hs nt intimated for d same. Now he hs gvn PAN to d Bank for AY 2013-14,n TDS nt to be deducted henseforth, bt wht abt Previous year,as the figure of TDS which bank has deducted is double than the interest he might have earned on FD....whether he can get back total TDS amt of Rs.15000 apprx??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 December 2013 you can claim credit for the previous years only if the bank revise its tax returns. otherwise, it would nigh impossible for you to get the credit for the same.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 December 2013 by the way how come TDS amount is more than the interest earned??? it is always going to be max 20% of the interest...

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