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Bank deducted TDS at a higher rate and PAN is obtained later

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Apurba Pandit

Owner

84 Points Posted on 12 November 2024

What steps should be taken if bank deducted TDS at a higher rate and a PAN was obtained afterward?

Replies (3)

Quick Summary

If your bank deducted Tax Deducted at Source (TDS) at a higher rate because you didn't have a PAN card yet, you need to provide your new PAN details to the bank. The bank can then file a revised TDS return to correct the information. However, if the PAN was obtained after the bank made the TDS deduction and filed its return, the bank may not be able to amend their filing, meaning they acted correctly according to the rules at the time.

Mitali

Finance Professional

45245 Points Posted on 12 November 2024

Provide the bank with the new PAN details, and ask them to amend their TDS return.

The bank can file a revised TDS return to reflect the correct PAN or Aadhaar, ensuring TDS credits are available in the taxpayer’s account.

NARENDRA

ACCOUNTS MANAGER

1041 Points Posted on 12 November 2024

Is it a savings account or against any investments? if it is a Saving Account, how can any bank open such an account without pan ?? Even Account holders also have a responsibility to provide Pan as well as Aadhar Card.If Account holder provides his pan after cut off date then Bank is correct . If pan late generated ,i,e, after investments or after the adjustments entry of Bank then Bank ( Deductee ) can not amend their return.