01 June 2016
I have only 4.5 lakhs interest income on fixed deposits in one bank only in AY16-17. I save 1.5 Lakhs under 80C in AY16-17. Bank will deduct quarterly TDS @ 11.25 Thousand. 15H is not being taken by bank as interest income is greater than 2.5 Lakhs in AY16-17. After 31st March'2017 I shall claim 45 Thousands refund after filing ITR. IT dept. will refund 45Thousands with 6% interest on it calculated from April'17 to till date of refund.
MY QUESTION THAT IT DEPT. MUST PAY ME INTEREST ON THE TDS REMAINED WITH THEM FROM END OF 1ST QUARTER OF AY16-17 & ONWARD QUARTERS AS PER SUPREME COURT JUDGEMENT IN YEAR 2014. BUT, THEY DON'T PAY. THUS. I LOOSE AROUND 2 THOUSAND AS INTEREST FOR NO FAULT OF MINE.
IF THERE IS ANY RULE TO CLAIM THIS INTEREST (2 THOUSAND) FROM IT DEPT. THEN KINDLY LET ME KNOW.
01 June 2016
IT dept does pay interest. It gets generated automatically at CPC processing. If it is NOT generated, you may file an application asking for the same.