30 July 2012
Since, I had not furnished PAN in Bank, they have deducted 20% on Interest income on FD and has given me a Form 16A with Unique TDS certificate Number.
But, the TDS is not appearing in my Form 26AS.
Now, I such I will file the ITR giving TDS details and Unique TDS certificate Number but it will not match with Form 26AS.
I want to know that if Bank files a correction statement , will they give the credit of full 20% to my PAN or only 10% (which is the actual rate of deduction in case PAN is given.
If they give 10% credit, then will Bank refund me the excess 10% deducted.
In case bank refunds me the excess 10%, what is the mechanism through which bank will claim refund or adjustment of excess 10% from Income Tax department against their TAN.
30 July 2012
I had never come across such a case, but if bank file the correction statement, it will file, then u have to see after filing correction statement by the bank, whether your26AS diplays amount deducted by 20 % or rectified unique tds certificate shows amount equal to TDS deducted.
31 July 2012
It is not a rare case. The provision for deducting 20% TDS, come way back in September,2010, so Bank might have come across this situation.
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