I want to clarify the situtation that in case i haven't furnished the PAN Details to Bank due to mistake and in return Bank deducts the TDS @ 20%. Suppose there is total interest of42000/- Earned during the year. Bank is liable to deduct TDS, due to non availability of PAN Detail it deducts TDS @ 20% i.e.8400/- (42000 x 20%).
I am not aware about this but brought to my knowledge only after the closure of F.y. when i approached the bank to provide Form 16A for IT Purposes. I found that TDS @ 20% is deducted. So its obvious that i won't get any Tax Credit as per Form 26AS Tax Statement.
According to that, i won't get the refund.
So, i want to know that WHAT WILL I DO IN ORDER TO AVAIL TAX CREDIT OF TDS @ 20%
Should i approach Bank to file revised returns or anything else. I think if i approach the bank than the responsible CA will file the return but they can't assure me that i will get Credit. What are the alternatives and correct procedure.
Advise & Suggestions Please
CAclubindia
