Tax Consultation (US and India)
2970 Points
Joined September 2011
S.192(2A) is applicable when the assessee is entitled to relief u/s 89(1). In this case, the following are the applicable Provisions.
S.192(1) Any person responsible for paying any income chargeable under the head "Salaries" shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in force for the financial year in which the payment is made, on the estimated income of the assessee under this head for that financial year.
S.192 (2D) The person responsible for making the payment referred to in sub-section (1) shall, for the purposes of estimating income of the assessee or computing tax deductible under sub-section (1), obtain from the assessee the evidence or proof or particulars of prescribed claims (including claim for set-off of loss) under the provisions of the Act in such form and manner as may be prescribed.
Rule 26C. (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars of the claims referred to in sub-rule (2), in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source.
Nair Ji, did you submitted the details in the requisite manner as are mentioned under Rule 26C? If not then the bank can not consider your claim.
Please refer to the following link
https://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Rule&cname=CMSID&cval=78C9EA92-E3D9-43dc-94BF-59774C80347C&searchFilter=[{%22CrawledPropertyKey%22:0,%22Value%22:%22Income-tax%20Rules%22,%22SearchOperand%22:2},{%22CrawledPropertyKey%22:1,%22Value%22:%22Rule%22,%22SearchOperand%22:2}]&k=&IsDlg=0