hello friends,
please help with your valuable suggessions on the following question
suppose a person submits form 15G to his bank and his bank without taking into account such form, in negligence , deducts TDS at 20% from his interest on Fixed Deposit and the bank also deposits the same deducted tax.
now is there any way of recovery of tax which the bank has deducted and deposited in negligence?
thanking in anticipation.
Mr.Ankur
The assessee can file his return of income and if there is no tax liability for the assessment year under consideration the TDS will be refunded with interest u/s 244A (whereever payment of interest to assessee is applicable).
Best Wishes
Sathikonda
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