Dear Sir,
MY client has some fixed Deposits for 5 Years amounting Rs.8lakh.She is a House wife.
Every year she is taking Inerest certificate and filing Nil return to I.T. Department.
On maturity she has submitted 15H form along with PAN Card.However the Bank has deducted 10% TDS on total Interrest accured in the Last Five Years.
Has the Bank do the correct thing
waiting for youe reply
Aisurya
well theoretically, 15H should have been given every year. and while Bank may be correct in deducting TDS at 10%, given that your client has already offered income on accrual basis, she shall be still eligible to claim refud of the excess tax credit.
15 H to be given generally in the month of April, so the bank does not deduct TDSfor whole year and it has to be given every year as its validity is limited only for year as per our assessment year.
May you find this helpful.
Dear sir/madam,
I have to file revised tds return for the F.Y.2011-12 2nd quarter. We paid some amount with interest in 2014-08-09. But challan file can not downloaded from tin-nsdl.com. It says challan file period between 24 months only. How can i download it.
TDS is deducted at the time of credit(accrual) or payment, whichever is earlier.
Thus, Bank is correct in deducting TDS on accrual basis.further, 15G/H is for one year in which it is submitted.
but client can claim refund as discussed above in his/her income tax return.
CAclubindia
