NRO BANK INTEREST CERT. DATA AND VICE VERSA WITH 26AS DATA NOT MATCHING

TDS 67 views 2 replies

Kammy Singh

Retired

115 Points Joined May 2020

Sir,

The interest cert. issued by the bank with TDS has aprox. Rs. 3 lakh not shown in 26AS.

The 26AS has about about Rs. 9 lakh not shown in Interest cert.

Another issue is TDS being deducted at 45.35% were the Max. is 42.74% .The interest total is not in crores.

IT should be 31.2% wherein some are deducted correctly. What happens when 45.35% is ded. is one's principal

amount upon renewal of term deposit losses 14% and The interest on the 14% vanishes.

let me add, the 26AS, AIS, TIS and 16A all match. How to deal with the mentioned first and 2nd sentence in this message Sir? Have brought this issue to the knowledge of the Bank but no response has been received as of yet.

Replies (2)

Rama chary Rachakonda

Master in Accounts & high court Advocate

8821 Points Joined December 2011

You should contact the bank to rectify the discrepancies. The bank should provide a corrected interest certificate that matches the TDS reflected in 26AS. The maximumTDS rate of 42.74%.

You should verify if the higher TDS rate is due to non-submission of PAN or other reasons.

you should understand the terms of the term deposit renewal and the iplications of the 14% loss. They should also clarify with the bank why the TDS rate varies and ensure it's correctly applied.

You should continue to monitor 26AS, AIS, TIS,and 16A for any future discrepancies.

Kammy Singh

Retired

115 Points Joined May 2020

Thank you Sir, I have taken already the matter with the bank as suggested. Now with my previous experience with banks when an issue araises. It can take them almost forever to resolve. I am in dilemma to wait for the bank to resolved the matter or proceed to file the ITR base on 26AS/ AIS and rectify afterwards should their be any discrepencies. What are your views Sir.

One good part with Bank interest certificate. The a/c Nos of term deposits correspond to the interest receive.

Is there anothere was to find the a/c numbers of term deposits that are not shown in any other documents like

26AS, AIS, and 16A beside the Bank.