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mylavarapu sastry   27 September 2020

Income tax TDS

About excess TDS - Sec 194A – I filed ITR1 on dt 3-7-2018 for AY 2018-19 after verifying entries of my 26AS ( up dated till 27 June 2018) by e verification of form  16A from the web site of TRACES.  TDS amount mentioned in form 26 AS  was same as the amount actually deducted from me.

Recently in September 2020, while going through my accounts I find an amount of Rs 11580 was also deducted by the SBI as TDS in q4 of FY 2017-18  without any intimation to me from 3 deposits under  Sr Citz saving Scheme . The deduction of the amount also did not figure in 26 As on dt 27-6-2018 at the time of ITR filling. Curiously I again rechecked the e verification of form 16A of all the 4 quarters of FY 2017-18. There is  no change in them , but surprisingly , a change was found in 26AS ( data up dated till 15-sep-2020) which shows  deduction of  TDS of  Rs 11580 (.trans action dt 31-Mar-2018  and dt of  booking 30-May-2018).  This deduction was shown in partA (deduction without 15H) of the 26AS even though 15H was given.

ISSUES :- A)  I gave form 15H  for all my deposit accounts to SBI in April 2017, acknowledged by SBI , yet SBI deducted  TDS .

B)The TDS amount of Rs 11580 was not in the 26AS in 27- june-2018 but appeared in 26AS dt 15-sep-2020 for Ay  2018-19. The TDS alteration of Rs 11580 was effected subsequently after 27-6-2018 , after filing of ITR. In September 2020, bank could not provide  me form 16A for TDS amount of Rs 11580 deducted in q4.FY2017-18.

C) The TDS amount includes Rs 3091 with drawn by the bank from the Sr Citz Saving Scheme deposit amount which is operated by the Govt of India as a social security scheme , In  other wards the bank has withdrawn Rs 3091  from the Govt account .

D) As a consequence of the above the  interest from the deposit is reduced by Rs 65 per quarter effective from 1-4-2018. , putting me to recurring loss.

 E) On completion of term of 5 yrs of the deposit I get Rs 3091 less than what I deposited   in the senior citizen scheme of the Govt.

Request Advise :   1)  Whether  changes to 26AS  are permitted with/ without intimation , after issue of final form 16 &16A to the tax payer enabling him to file the returns in time correctly .

2) Will the I T dept accept the TDS amount Rs 11580 mentioned in the form  26AS as received by the I T department without the back up of form 16A. giving Chillan details since the entry into the 26AS is by TRACES .

3) Is the bank empowered to  with draw from the deposit money ( Govt money ) to pay tax to Govt during the mid course of the term of deposit?

4) .Since I had paid the tax correctly , I have to get back the excess TDS .How to get back Rs 11580 from the bank with s/b interest rate on Rs 8489 and Sr citizen interest rate on Rs 3091.  

M.P.Sastry 

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 2 Replies

jacinthamary

jacinthamary (accountant)     27 September 2020

1. Yes. TDS returns can be corrected at anytime

2. Yes. Entry is updated TRACES on the basis of TDS returns file by deductor

3. Normally in SBI it occurs. Anyhow even if you submit form 15H TDS will be deducted you have to claim refund

4.You cannot claim the amount from the bank but you can revise your returns and claim the excess TDS as refund
Sagar Patel

Sagar Patel (Tax and Business Consultant)     27 September 2020

1. Yes. TDS returns can be corrected at anytime by Deductor. (it's not right, govt.have to keep some time limit restriction, but as on date there is no restriction)

2. Yes. Entry is updated TRACES on the basis of TDS returns filed by deductor time to time.

3. Even if you submit form 15H ( You have a document/ acknowledgement to prove that) and TDS deducted, Than this will be your course of action..
(a) If due date for revised return not passed, than you can revise your return and can claim that excess TDS Refund.
(b) If due date for revised return passed ( as in your case it's passed) So, you can not file revised Return now, and also can't claim that Credit in next year Return. So, the way left only is file complaint to SBI with all proof and ask for Refund.

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