Claiming credit of tds

I Think You Have To First File The Application To Supreme Body Upon Who's Instruction The ZZZ Fin Corporation Hold The Money In FD.

The Application Is For Claiming Right of Interest Income From FD And Making FD on your Name. Till The Time FD is not on your name you are not able to claim TDS becuse FD is not belonging to you.

Hi,

Thanks for your response. Let me clarify that the directions are as per the SC judgement and the Supreme Authority, X and ZZZ fin corp are all aware of it and abided by it. That is clear and there is no issue with respect to the withholding.

The main issue is TDS. Is X have any option to claim the TDS like by filing any form with IT?

Or is it wise if ZZZ fin corp pays the gross maturity amount to X? Any issues here?

What are the options X have to claim the credit of TDS?

Regards,

Saranya Arjunan

Hi,

The assessee can claim TDS only if it is deducted in his name which requires income to be in his name. It can be verified from Form 26AS of the assessee. Since it is not the case, the said assessee cannot claim only TDS.

Further as you mentioned that it is as per the directives of SC. Hence, name cannot be altered on FD.

Thanks for the response. In my opinion, ZZZ fin corp cannot claim the benefit of TDS as the income belongs to X.

But in this case, ZZZ fin corp who is asked to withhold the money has made the deposit in its name, but the income ultimately belongs to X. ZZZ fin corp is claiming TDS just because the FD is created in their name. Is it write on their part?

ZZZ fin corp cannot show it as their income but they are getting the credit of TDS which is totally wrong.

Now can they pay the Gross maturity amount to X? Is it fine? 

I agree with you partially as income is a prerequisite for TDS. Hence, ZZZ fin corp has to show it as their income and they can rightfully claim TDS thereon.

Yes, ZZZ fin corp can pay gross maturity amount to X or as per further directions from SC.

Thank you shivani.

U r welcome :)