Dear Sir(s),
I have 2 FDs and a savings a/c in a psu bank. Yesterday I got the form 16A from the bank which indicate about Rs.80000 as my income and a TDS of 8000 was deducted as I do not submit 15H, however the actual income from the FDs and savings put together does not exceed Rs.55000 for the FY 2016-17. Please advise what action to be taken so that I can compute my tax liability and file my return in time.
Thanks
GR Babu
What is the total amount of FDs? and rate of interest?
If you are sure that FD income is not Rs. 8,00,000/- i.e. bank wrongly declare your income in tds return..
You should contact with bank to rectify the same...........
Note:- Savings interest is not subject to tds.... TDS is only applicable on term deposite like FD.......
Thanks for your quick responses. I went and showed it to the bank officer and who explained that the interest calculated from the second quarter which overlaps April'17 was also considered proportionately and added to the statement. Since the explanation was convincing I did comeback from the bank. For further clarification one FD was opened on 22nd Nov,16 and another on 6th Dec,16 hence the interest for 1st quarter and part interest till 31st march,17 was considered.
Thanks again
CAclubindia
