Refund of tds to sb account

Friends,

I need a advice to my issue given below.

My bank refunded me the TDS on Fixed deposit for 1st quarter (April 2014, May 2014 and June 2014) in the month july 2014. TDS on Fixed deposit for all the remaining quarters ( 2nd, 3rd and 4th) in financial year 2014-15 were all deposited and is reflected in 26AS statement. Regarding TDS on Pension, the TDS for the 1st quarter (April 2014, May 2014 and June 2014) is not yet deposited in central govt and is also not reflected in 26AS statement till date. The matter was noticed by me in july 2015 when I received Form 16 from bank and the bank was requested to set right the issue urgently. I could not understand why the bank refunded me the TDS said above to my SB account when I did not submit any 15G form for FY 2014-15. But so far bank has not cleared this issue till date. Experts may Please advice me the steps to be taken further in this regard as I have to file IT returns online now.

Replies (3)

You will have to ask the bank to upload the updated TDS return.

Whether i could pay online the refunded tds amount with interest through 280 challan

In case of excess deduction of tax at source, claim of refund of such excess TDS can be made by the deductor. The excess amount is refundable as per procedure laid down for refund of TDS.

The difference between the actual payment made by the deductor and the tax deducted at source or deductible, whichever is more will be treated as the excess payment made. This amount is to be first adjusted against any existing tax liability under any of the Direct Tax Acts. After meeting such liability, the balance amount is to be refunded.

For further information regarding tax deducted at source log onto https://www.quicko.com

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