Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Tds on bank fd interest

TDS 340 views 1 replies

DURGA PRASAD

Student CA Final

26 Points Joined March 2014

One of my friend have Agrecultural income only and don't have any other income. He not filed form 15 G to Bank for non deduction of TDS because he dont have awrarenes on Tax provisions and PAN number, but Bank deducted TDS on fixed deposit Interest @ 20% for FY 2014-15 and deposited to Government for the reason of not providing PAN number.

CAN HE GET REFUND OF TDS ?? Pls TELL ME DETALIED PROCEDURE FOR IT ?

gdurga222 @ gmail.com

Replies (1)

ishan parikh

Audit Manager

131 Points Joined February 2013

Yes the good news is he can claim refund. But bad news is procedure is lengthy. 1.Do fresh application for pan card. 2. Have that pan card and do register on the income tax website. Now you have two options 1. Tell bank to revise their tds return by giving them an application. But most of the cases bank don't do obey that. 2. Get 16a from bank which shows details of tds deduction. Then 3rd step would be to file your income tax return and mention the details of 16a like tan number, tds amount, interest etc. Then your refund will be deposited within few months with interest on it if delayed....