Assesment tax

This query is : Resolved

Kausik Ghosh (Querist)
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23 May 2014 i am a salaried person having savings a/c of MOD facility.now the tax deucted by bank from interest gained from mod a/cs have not still reflected in my 26AS form.however tax deducted by my employer for f.y 2013-14 has been reflected in totality in 26AS as last updated on 21.05.14.now i have got following queries.1.whether the tax deducted by bank on interest of mod a/cs has not been sent to I.T department & that's why not reflected in 26AS.In that case what sort of corrective actions can be taken from my side.2. whether i have to be a little bit patient considering that the tax deducted has been sent to I.T but yet not updated in 26AS.What is the last date of updating in 26AS?3.bank has deducted tax at a flat rate of 10% & i come under 30%slab.so residual tax needs to be paid as self assesment tax.as per my knowledge,last date of filling itr is 31.07.2014.whether i can pay self assesment tax before that date without suffering any penalty?4.if within that period the tax deducted by bank is not reflected in 26AS, what should i do?i mean during filling itr i have to deposit 30% tax as self assesment & claim the remaining 10% as refund because bank has already deducted it or i have to show my income from from other sources in such a manner so that 20% tax on interest i have to pay as the remaining 10% already ddeducted by bank but not shown in 26AS.please guide me properly & answer all my 4 queries as mentioned as i donot want to come under scanner of I.T & want to pay the admissible taxes as a honest tax payer.

Rupesh Jain

Rupesh Jain (Expert)
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23 May 2014 r/sir

PLs contact to you bank who deduct your TDS and show the bank 26AS printout to bank.

normally in 26AS not shown if your bank not file the TDS return. if the return file by bank normally with 7-10 days it reflected in you 26AS.

you can now deposit the balance tax after considering the tds deducted by bank.

and enquiry with bank I hope TDS of bank show in your 26AS positively before due date of return filing date.

CMA Girish P

CMA Girish P (Expert)
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23 May 2014 It is happened in so many cases.
Just compliant the bank by writing that your TDS is not reflected in 26AS and keep bank attested copy of your compliant for future purpose.

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CMA Girish P

CMA Girish P (Expert)
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23 May 2014 Request the bank to provide TDS certificate for the same

CMA Girish P

CMA Girish P (Expert)
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23 May 2014 You have to pay tax by computing total tax liability (less) TDS deducted.

There is no need to considered the percentage of TDS detected.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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24 May 2014 Generally this problem is with the banks who deducts the tax and do not deposit as they do not keep any expert for doing their TDS work and the staff who is deducting the tax is also looking after the TDS matter. As suggested by other experts do write a letter to the bank giving the details of TDS and ask for TDS certificate showing payment made to IT Department.

In case still the bank fails then write a letter to the ITO TDS by giving your details and bnk's TDS account number to take appropriate step. On receipt of notice from the ITO TDS the bank will deposit your tax immediately.

As regards tax payment is concerned the 10% has been deducted by bank and the balance 20% plus has to be paid by you