Refund of Tds amount deducted by bank?

Others 587 views 9 replies
Sir, My mother is 61 year old has FD of RS 4lack which was mature in the month of feb 2017,with no other income ,the bank has deducted TDS near about Rs 17000. So i want to know whether file has to be made to get the refund or is there any other way?Though she has no sources of income.
Replies (9)

First get TDS certificate from the bank.

Also check 26AS of the Mother's PAN.

If any TDS credit available for last 2 years, file ITR1 for each year online and claim refund.

Sir,

 ITR 1 thought she does not have any income,what income to be shown in ITR?

Just bank interest income, any.. any... other income, if she has.

Main intention is to declare nil tax liability, and hence refund!!

Yes. The net tax liability on your mother comes to around Rs. 5,150 (10,000 [slab rate] - 5000 [rebtate 87a] +150 [cess]).

But bank has deducted Rs. 17,000 as TDS. 

Hence, if you want to get refund of Rs. 11,850 (ie., 17,000 - 5,150), you need to file the return ITR-1 within due date, by following steps given above.

You can show Rs.4 lakhs as "Income from Other sources". Dont forget to claim rebate of Rs.5000 against cell D2 in part D.

Agreed Sanjay. S...

And your mother have any deductions under Chapter VIA you can claim all Deducted amount

on FDR of rs 4 Lakh , TDS cannot be deducted rs 17000/-, please check bank has valid PAN of your mother. if FDR rate is 8% ,then interest will be 32000/- and TDS Will be 3200/- only.
One small doubt about Mr Sanjay's answer. His mothers age is 61 year so, she comes under senior citizen or not.

Oh sorry.. My apologies.. Just now, I re-read your question and realised that I had mistakenly considered the amount of Rs. 4Lakhs as Income of your mother...(when infact it was the FD Amount). Only the Interest element received on maturity is taxable.

Please ignore the calculations I have given in my previous answer.. 

@ Mr.Ashim Kr Ray.. Please check actual income from her 26AS and you may confirm her tax liability by using some tax calculator. The following link is a good income tax calculator: (select AY 2017-18 and fill remaining details in relevant fields)

https://www.incometaxindia.gov.in/pages/tools/income-tax-calculator-234abc.aspx

 

You need to file return compulsorily if you want to get refund


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