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Tds refund possible?

Naimesh (No) (52 Points)

25 July 2012

I have invested in FD in bank on 1-4-2011 for 1.5 years of Rs 3 lakhs. Intres in FD is rs 40,500. Bank have deducted TDS but FD is not yet matured. *my q. is tds deducted can be refunded or not? (bank refused to me that it is not possible now and said that if you have filed form 15G before 31-3-12 then TDS would not be deduct.)

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5 Replies

Puneet Mittal (Sr. Officer Accounts) (212 Points)
Replied 25 July 2012

Dear Naimesh,

If bank has deduct TDS. Bank will provide you TDS certificate. You can file ITR and claim the reund of TDS.

Regards

Puneet mittal

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(Guest)

File ITR1 and claim refund. Bank will not give you refund as it is already deposited by them (please refer 26 AS).

CA. Subhash Dangi (Chartered Accountant) (1784 Points)
Replied 26 July 2012

File ITR-1 to get refund of TDS deducted by bank.

Submit Form 15G to the Bank for the FY 2012-13 to avoid deduction of TDS if you don't have other taxable income.

Budding Professional (B.Com, CA & CS FINAL) (1686 Points)
Replied 26 July 2012

File your ITR for the AY 2012-13.. If you have other tax liability that can be set off against the tax deducted and you can pay the balance tax, otherwise you can claim refund in your ITR..

But file early as the last date for filing ITR is July 31 in case of individual..