Refund of wrong tds made

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VK Iyer

Retired Govt. Servant

46 Points Posted on 03 July 2017

My annual income from interest on fixed deposit (with bank) for Assessment year 2017-18 is 25,000 approximately. TDS made by the bank Rs2,500.00

I do share trading. I made a gain of Rs.1,000 in short term capital gain and a loss of Rs.20,000 in futures trading during the assessment year. (total transaction is less than Rs 5lakh)

No other source of income.

Since my Gross Income is far less than Rs 2.5 lakh, I want to apply for refund of TDS made.

Is it necessary to file Income tax return?

If yes what ITR form should I use. Is it possible for the bank to reverse the TDS made?

Please reply

Replies (4)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121528 Points Posted on 04 July 2017

"Is it necessary to file Income tax return? " YES

"If yes what ITR form should I use." ITR 3 for claiming loss in F&O........ otherwise ITR 4, sufficient.........

Is it possible for the bank to reverse the TDS made? No..... But from this year give 'form H' (being retired) for non-deduction of TDS

I will suggest to claim the losses. That way if you make profit in Future&Options in next 8 years you can adjust this loss. But this will introduce additional headache of book keeping which might be worth only if you plan to trade derivatives in coming years as well.