Treatment of FD TDS

Last year on 11th Apr 2009, bank  cut a Rs.1200 TDS from my account for exceeding FD interest for period 1st Apr 2008 - 31st Mar 2009, but I filed the return on 7th Apr 2009.


Please tell me those Rs. 1200 TDS can be adjusted in this year return because they cut the amount on 11th Apr 2009, if not then what's the solution....

Replies (9)

Nope, you can't take TDS credit for a particular FY in the next FY.

But bank charged in this FY, so why i can't take benefit of this, if not that means I paid extra 1200 Rs. tax

In that case file a revised return for the FY 2008-09, that can be done upto 31st July 2010 in your case (individual), take credit for TDS in the return. 

Ya file a revised Return if that TDS is Pertaining to F.Y 08-09....and frnd for a  Bank itis deductible in the year 08-09 nly....so it is advisable to file revised return and take a benefit of the Same........

Dear Ashish

 

Regarding your query on TDS Claim from IT Department, you have two options :

 

1. You can choose an option for filling a Revised Return on or before 31.07.2010.

2. Since it is small amount of Rs.1,200/- you can claim this TDS  amount

    within maximum of two F.Y years( ie., before  F.Y 2009-2010) by producing

    the Original Form-16A alongwith your ROI. In this option you need to be filed

    you ROI within the filing due date in order to get refund. After due date

    I.T Department will not entertained the Refund.

 

   I suggest, since you already filed your I.T Returns on 07.04.2009 & I assume even if

   you had tax dues before filing your return you must have cleared by (140A) paid for

   F.Y 2008-2009. So, you can choose the 2nd option and can claim TDS in the

   F.Y 2009-2010 for which you have to file your ROI on or before 31.07.2010.

 

 

Thanks with Regards

 

N.JAYA PRAKASH.

I am thinking, i must leave as it is and don't take the pain of refiling or taking refund. If i take the benefit this year.... then that's a different thing but when can't then no use.

Dear Ashish,

You are saying that the Bank has deducted Tax on interest ON 11th April 2009.

If the same is true, the certificate will be stating the same date of deduction and the certificate issued will be for AY 2010-11. Please check the same as if the Bank has deducted the Tax in this year, deposited it this year, then definitely the TDS certificate will be for this year.

In statement it is mentioned...


For the Period - 1st Apr 2008 to 31st Mar 2009

Tax Deposited in Central Govt. Account - 7th Apr 2009

Statement Issued - 9th Apr 2009


And

TDS amount deducted from my bank account - 11th Apr 2009

Then I am sorry but you have the only option to revise the return and claim the benefit or forgo the same.

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