Form 15 G For No TDS

TDS / TCS 1873 views 3 replies

Sanjay

Practising C.A.

29 Points Posted on 16 June 2009

Dear Friends,

I had submitted and received acknowledgement for Form 15 G for a senior citizens FD Account from State Bank of India. However Tax was still deducted from the interest income.

Can the Manager of the branch be held responsible for negligience as when queried about the same, his reply was that even though Form 15 G was submitted, we deducted tax assuming that ur income will cross the taxable limit. The senior citizen earns a total interest of 72000/- p.a. fromthe FD.

What remedy do I have against the manager as well as the bank? Is there any way, other than filing return and claiming refund, to get the TDS amount reversed back to my account.

Kindly give your expert opinions.

Regards,

CA Sanjay S.

Replies (3)

Vivek Tibrewal-Kolkata

Asst. Manager - Taxation

65 Points Posted on 16 June 2009

This is the Abslt negligience of Branch Manager, and how Branch Manager has assume the Income of that perticular Senior Citizen Assessee, whether it is taxable or not. Only You can shifted your investments in other Bank.

I think there is no other option left with you to file Return & claim refund with the Income Tax Dept. B'coz once the Bank has deducted TDS same has to be deposited with the Govt. Treasery.

Regards

Aditya Maheshwari

CA in Practice

35867 Points Posted on 16 June 2009

The form applicable for senior citizen in form 15H and not 15G. The banker should have informed your about this before accepting form 15G. The person will have to file his return for claiming the tax refund.

mukesh jha

C A

43 Points Posted on 17 June 2009

Originally posted by :Aditya Maheshwari
"	The form applicable for senior citizen in form 15H and not 15G. The banker should have informed your about this before accepting form 15G. The person will have to file his return for claiming the tax refund.	"

i m agree with aditya mahashwari.also u can make complain banking ombudsman .

regards