It has been observed that , as IT department has made it mandatory for all co-operative banks , to deduct TDS at source (quarter wise) on the interest generated on FD, RD accounts of the persons, as this being 1 st year to implement so.. many banks and its depositors , have caused errors in the same , like despite of being having PAN No..... not furishing of the same with the bank ,non uploading / wrongly uploading of PAN details by the bank etc.. so it has been seen , honest TAX payers are suffering, of deduction of 20% as TDS at source , (though, it ought to have 10%) is there is any way for this agony,for banks through CA of the bank , or that DEPOSITOR to get TDS adjusted to the CORRECT one in 26 AS at TRACES , ( as most likely if that FD is long duration) he is likely to loose INTEREST ON INTEREST of that OVER SIZED TDS DEDUCTION ( at source)
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Corrections in tds deduction at source by bank u/s 194 a
Replies (1)
1. Bank cannot play with customer's interest as per their wish. Complaint can be registered with Bank Ombudsman, if bank refuses to rectify their own mistake.
2. Bank has nothing to loose as they can adjust any extra TDS paid to department by adjusting the same in next quarter, by revising their first quarter return.
3. Customer should be asked and given chance to submit any documantory evidance to update bank records, if bank have insuffient mandate of their customer.
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