A co-operative bank, of repute has wrongly deducted TDS @ 20% instead of 10%,( being cited PAN No. since day 1), on FD 's held by minor, on poinrting out the mistake , now bank is discarding to file a revised TDS returns,(through its CA..who is willing to do so.. provided bank instructs them to do so..and ask excess TDS transferred from IT dept), and Now bank is suggesting Parent to claim refund of excess TDS from her IT returns, thus shying away from its responsibilty to Do so.. what best action is avialable with the FD holder...as per as ITR filling and claiming of TDS. as in case of maturity of FD 's held with bank, she is likely to get less amount after redeemption , as excess amount of TDS has been deducted by the bank
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TDS wrongly deducted by the bank @ 20%
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Check online in form no 26AS that wheather TDS which is deducted is showing in it. If TDS which is deducted is showing in Form no 26AS than you can file your income tax return and claim it as a refund. here clubbing provision will apply and minor income will be clubbed in hand of parents (Husbad Or wife)whose income more without adding clubbed income.
If Bank has not revised TDS return and amount of TDS deducted is not showing in Form no 26AS than you can get form No. 16A and make sure that on that form no 16A your pan no is quoted. After that you can make a letter to your Jurisdiction Assessing Officer to considered the amount of TDS deducted.
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