Tds on fd with bank

My client has an FD with a nationalised bank where his PAN details were updated. However we noticed that TDS has been deducted @ 20% and also it did not reflect in the Form 26AS. On enquiry, the bank states that they did not have the PAN details therefore could not file the return. This assesse falls in the 30% tax bracket. Should we take this matter up with the bank and ask them to revise return and deduct only TDS @ 10% or just let it be coz anyway the assesse is liable to pay 30% TDS coz of his tax bracket. 

Experts please share your opinions.

 

Replies (8)

Giving the PAN details to the bank is a priority. It does not matter if the assessee is in 30% tax bracket. Request the bank to deduct 10% and file revised TDS return. And check if the assessee has availed deductions from u/s 80C to 80U. 

Agree with Mr. Mihir

How can one prove that we had submitted PAN details to the bank. ?

KYC norms asks the PAN details at the time of opening the bank account or FD. If PAN is not given then a letter giving details of PAN with regards to the FD is submitted to the bank. If the letter is submitted, the bank will acknowledge the copy of the letter and return the copy of the letter to the assessee. That letter is the proof.

The assesse's account is very recent . He is very sure he submitted PAN details while opening the account. So PAN details should be with them. DO the PAN details appear on the passbook or chequebook so that we can show them that they had the PAN details?

PAN details cannot be on the chequebook. It will depend on the bank policy if they want to write PAN details on the passbook. You can try to request the bank to show the KYC FD opening form to check if you have given PAN details. 

okay Thanks ! I will try n ask them to enquire about the account opening form.

Dear Frnd

Just give your pan card copy to the bank & request them to revise the tds return so that credit of tds

will be reflected in your 26AS and claim the credit in your return and bank will provide you form 16A.

no matters what bank has deducted the tds % 10 or 20 & no matters in which braket you come 

its your responsibility to pay the balance tax on your estimated income as self assessment tax after

deducting tds credit.

and bank will not change the tax % because the provision entry for tds is passed on 31st march & its books is already audited hence bank will not change the tds figures for you.

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 23 October 2026
Articled Trainee

J Y & CO

Hyderabad

CA Inter

View Details
Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details