03 August 2012
Hello, one of my friend had neither submited her PAN nor filled form 15G with her bank branch as a result of which bank had deducted TDS on her FD interest @ 20% in the A/Y 2011-12. now when she has asked bank to issue TDS certificate for that year so that she can claim her refund, bank says they cannot issue certificate for TDS deducted @ 20%. however if it would have been deducted @ regular rate of 10%, they would have issued TDS certificate for concerned year. meaning that since TDS is deducted @ higher rate they can not issue TDS certificate. How far is bank correct in its say?
Now if bank ultimately issues her TDS certificate then how will she be able to claim her refund since it is not appearing in her Form 26AS.Will income tax deptt. allow her refund irrespective of her 26AS status.
Further if bank denies to issue TDS certificate then how shall she proceed to claim her refund from deptt.
03 August 2012
This type of query is already asked by priyesh anywaz, if TDS is deducted by bank @20%, bank should issue TDS certificate of 20% value, and on that basis, your client can claim TDS, and if 26AS not show your TDS amunt, then u can claim on the basis of TDS certioficate issued by bank.
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