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Tds refund on bank interest

Sumiti Jain (FP) (1364 Points)

06 September 2012

Is there any way to get benefit of Tax refund in case of TAX deduction by Bank where assessee has not provided His PAN No. and Bank has deducted the TDS @ 20% instead of 10% on the interest income?

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7 Replies

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 06 September 2012

Does the assessee has the PAN and has not provided or he does not has PAN at all?

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 06 September 2012

Not possible unless the bank is agree to revise the ETDS return by inserting the PAN data of depositor,

but bank usually does not take this hassle after deduction of 20%

Ganeshbabu K (Audit and Tax Advisory) (48559 Points)
Replied 06 September 2012

ASK TO REVISE RETURN

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 06 September 2012

If the assessee has a PAN then file ITR and claim refund.

Nainesh (Senior Audit Assistant) (41 Points)
Replied 06 September 2012

Income tax department gives credit for TDS that is reflected in 26AS since TDS deducted is 20% without PAN. It is not possible to get credit unless bank revise the ETDS return with PAN.

Bharat (CA Final) (136 Points)
Replied 09 September 2012

Get a PAN .Present it to the bank since it cannot provide 16A form without a PAN from AY 2011-12. After getting 16A form file ITR with the said form & Claim TDS Refund.

CA.Saibaburao Nanduri (Chartered Accountant) (3847 Points)
Replied 09 September 2012

SUMITI JAIN !

The Bank authorities are correctly deducted tax under section 194A @ 20%. Moreover they can’t upload the same to the income-tax website in the absence of PAN. The mistake is on the part of the assessee. Now the problem before us is how to get the refund of such TDS. The assessee after obtaining the PAN must approach and submit the PAN to the bankers with a request to file a ‘revised’ return. Generally the bank authorities oblige the same to do so.To file revised return the bank also shall incur expenditure such as uploading charges to NSDL and miscellaneous expenditure and, some times, the assessee has to bear such expenditure.