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26as question

Shri (M.Com) (129 Points)

09 March 2015

I was checking my 26AS for a client. The client has given Form 15 being a senior citizen.

But, the Form 26AS does not show the interest payment for the Said FD's.

I thought all interest payments are recorded in traces Website. Some payments are missing?

Why does this happen?

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16 Replies

Gaurav Vora (.) (187 Points)
Replied 09 March 2015

Dear Shri,

All the interest payments does not get recerded in the TRACES website. Only the payments on which TDS has been dedcuted gets recorded on the TRACES website after filing of TDS return.

In your case, your client has given Form 15H for non deduction of TDS. Therefore, the payer (i.e. the Bank) won't deduct TDS from the interest payments and won't consider the same for filing of TDS retruns. Therefore the interest payments won't get recorded on TRACES website,

MAHESH (Tax Consultant) (114 Points)
Replied 09 March 2015

Dear Shri,

when there was no deduction and hence no filing will be done by your banker.

So it will not reflect in 26AS.

deepesh gupta (ca) (23 Points)
Replied 09 March 2015

If tds is not deducted then no information in tds return and resulting no particulars in form 26 AS

S R Tejasvi (CA Practice ) (11 Points)
Replied 09 March 2015

Actually banks should mention non deduction of TDS in the quarterly etds return which they don't do. Hence it won't come in 26 AS.

Abhishek (Article) (23 Points)
Replied 09 March 2015

Dear Shri Only those entries are reflected in Form 26 AS on which TDS has been deducted. But bank/other institutions can also file nil TDS return on submission of form 15H. It is not compulsory so in your case bank has not done so, no matter no need to worry, you can ask bank for interest certificate.

nareshkumar (article assistant) (21 Points)
Replied 09 March 2015

The bank not given your client details in form 26q. Bcoz he given form 15. But it is bank mistake. they are not filed properly

Ashish (Partner) (22 Points)
Replied 09 March 2015

Dear , There is an option in form 26AS where interest payments on which tds is not deducted due to form 15 gets recorded. No case for senior citizen has come across me. But I have seen cases for otherassesses. Regards

parikh jigar (head in taxation) (23 Points)
Replied 09 March 2015

Bank did this mistake for not showing in the qtr return of TDS.

Abhishek Anand (Student) (21 Points)
Replied 09 March 2015

The details of fd interest will appear in 26as only if tds is deducted by bank if tds becomes deductible. If tds is not deductible such details will not be reflected in 26as because only the TDS deductible income can appear in 26as. Moreover if tds was required to be deducted and tds has been deducted by bank and only the net interest was credited then it may be the mistake of bank. The mistake may be that tds has been deducted and deposited in other's pan number. Communication may be made to bank in that case

RamRatan Chejara (Article assistant) (27 Points)
Replied 09 March 2015

Dear shri ji...if form 15 is submitted to bank then bank won't deduct tds on any interest on like FD's etc and bank does not show interest in its tds return which is submitted on traces. Due to this interest does not show your 26AS.

Deepak Sharma (not applicable) (26 Points)
Replied 09 March 2015

The most probable reason is the non-filing of tds return by bank but it might also be due to non dedution of tds on interest as your client has submitted declaration in Form 15H.

Shri (M.Com) (129 Points)
Replied 09 March 2015

Hi,

I was surprised when i asked this question to a Bank Officer - He told me that only if TDS is detucted - It will get reflected in 26AS.

But, this is partly true. When someone gives 15H/G - The bank updates the IT Dept - Saying

So much interest has been paid to this person. It comes under the heading

"Details of Tax Deducted at Source for 15G / 15H" - It has Total Amount paid (Total Interest) and in the column Total tax detected - It shows as NIL.

thats the reason i asked the question.