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Tds not deposited

Focus (CA-Final Student) (272 Points)

04 July 2013

My client has Fixed Deposits in two banks. Both these banks have not deposited the TDS and therefore it is not reflecting in the Form 26AS although it has been deducted while making payment to the client.

Tell me how to go about filing the return in such a situation. Are we liable to pay tax or should we wait for the TDS to reflect in the Form 26 AS(we have informed the bank about it and they will take action). If we wait for it to reflect in Form 26AS, it will get late.

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7 Replies

chandrika (CA Final student) (107 Points)
Replied 04 July 2013

As the banks are deducting tds, they should file tds returns.

if not they will file returns with interest.

u can take credit of tax paid.

and u should remind the bankers to submit ur form 16( deductors copy)

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Focus (CA-Final Student) (272 Points)
Replied 04 July 2013

Sorry, I need to know, if I can ask the Bank for the TAN number and enter it while filing the return?

CA Vinay parmar (Chartered Accountant) (1318 Points)
Replied 04 July 2013

Yes you can take the detail from the Bank as Tan number and other detail required to fill up your ITR return, and you can filed your return and mean while tell your bank to upload TDS return.

Filing the ITR return doesn't mean it will immediately be assessed by the Income tax officer, your return will take minimum 3-4 to be proceed from Income tax site, in this period of time that is before your return get assessed the TDS credit should get appeared on your Form 26AS

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