In AY 2011-12, bank inadvertantly deducted tax on “FDRs pertain to General Provident Fund(GPF)”and it was after repeated requests, they issued Form 16A with the said notation; However,Bank is reluctant to take any further action to resolve the issue by way of approaching ITax authorities for refund of said deducted taxes - by way of adjustment with their other tax liabilities.
In the past Bank were not deducting tax on interest on GPF of MCD aided & recognised school teachers/employees;
Deduction is available u/s Sec. 80C in r/o said GPF subscripttions;
It may be noted that General Provident Fund in r/o Teachers/employees of MCD aided & recognised Schools are maintained with bank(s) in form of Bank A/cs /FDRs- which remain in custody of school authorities and procedures for withdrawl of any amount from GPF - by teachers /employees of Govt. as well as MCD aided & recognised Schools are same.
In the above circumstances, can some one advise as to How the interest on GPF can be reflected by teachers/employees in SAHAJ ITR-1 so that they can seek/claim refund of tax in SAHAJ ITR-1?
WOULD BE GRATEFUL IF SOME WAY OUT CAN BE SHOWN , AS LAST DATE OF FILING OF ITR APPROACHING FAST.
CAclubindia
