Dear sirs
One of our client a Nationalised bank branch had deducted TDS at a higher rate from a NRO account. The bank overlook the Tds rate and deducted TDS on interest on FD at a higher rate and remitted to the government. Now the party approched the bank for getting refund of the excess tds deducted by bank . If there is any remedy for the above case
i think only one way is avilable the waiting for refund from department
Hi,
Once a TDS is deducted (and accounted for accordingly), the deductor is holding the TDS amount under 'fudiciary' status for and on behalf of the government. The government then allows time limits to deposit the said TDS held.
Therefore, once the TDS was deducted from the NRO a/c at higher rate, the same will need to be deposited.
Cheers
I suggest to wait for TDS refund. it will be automatically received. if u does not received, move u/s 154 to AO.
CAclubindia
