Banks offer a higher rate of interest for senior citizens. It is normally safe to open joint accounts in the name of senior citizens. We have a joint account where both my parents (senior citizens) are the first two account holders. Then as a safety measure we have included my wife's name and my name also in the joint account. The account is operated on "any one or survivor " basis. In order to get higher interest rate my wife has also added her own savings amount to fixed deposits of my parents' senior citizens account. Now comes TDS on interest income from fixed deposits. Bank is issuing TDS Certificate only in the name of the first holder. Can the third or fourth holder claim benefit of the TDS amount ? How ?
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Tds deducted by banks on joint a/cs
Replies (1)
hope by now you have resolved the issue. There is circular3 [cir256] of 1979 in this regard. If you inform the bank the shares, that shall be included in the TDS certificate. In practice I have not seen this happening. But I have taken it to PMO, CCIT-TDS and CIT-TDS in addition to seeking some time with PR.CCIT-K&G and also written to CBDT to abide by their own circulars and force banks to do so by amending the 26AS if need be. I have copied to DGIT Systems and trying make e-filing system recognise the joint entitlement of TDS.
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