Non deposit of tds by one of the largest banks
This query is : Resolved
09 August 2013
Credit to the pension account of Mr. X reveals that tax is deducted at source by the bank. This was not reflected in 26 AS for AY 2012-13. Still the returns were filed taking a letter from the bank that the TDS was deducted but deposited under a wrong PAN, the same shall be rectified. This was found only in July 2012. The banker was also provided necessary proof for the corret PAN.
Once again this is repeated by the bank in FY2012-13 relevant to AY 2013-14. Again 26 AS does not reflect the TDS and bank has given form 16. As the gross income is more than Rs. 5 lakhs, electronic filing is resorted to.
Now what is the solution for the following:
1. Does deposit by bank not reflected in the AS 26? (I am sorry to ask a silly question-this is what the banker told us and we also told them that TDS by other bankers are duly reflected in AS 26.
2. To whom can we complain - to the bank's higher ups in Delhi/Mumbai or to the Income Tax Office and if so to whom?
3. What is the effect of the assessment as the form 26 AS does not reflect the tax deducted - will there be any TAX PAYABLE -?
Once again this is repeated by the bank in FY2012-13 relevant to AY 2013-14. Again 26 AS does not reflect the TDS and bank has given form 16. As the gross income is more than Rs. 5 lakhs, electronic filing is resorted to.
Now what is the solution for the following:
1. Does deposit by bank not reflected in the AS 26? (I am sorry to ask a silly question-this is what the banker told us and we also told them that TDS by other bankers are duly reflected in AS 26.
2. To whom can we complain - to the bank's higher ups in Delhi/Mumbai or to the Income Tax Office and if so to whom?
3. What is the effect of the assessment as the form 26 AS does not reflect the tax deducted - will there be any TAX PAYABLE -?
09 August 2013
1. TDS deducted by EACH & EVERY deductor is reflected in Form 26AS if the PAN is correct and the deductor has filed the TDS return.
Probably the bank has not updated the PAN in their records.
2. Write a letter to the banking ombudsman with copy to the bank manager.
3. If TDS is not reflected in Form 26AS, tax credit will NOT be given to the assessee and tax demand will be made.
Probably the bank has not updated the PAN in their records.
2. Write a letter to the banking ombudsman with copy to the bank manager.
3. If TDS is not reflected in Form 26AS, tax credit will NOT be given to the assessee and tax demand will be made.
Message likes :
1 times
09 August 2013
Yes Mr Siddhartha is correct also ITD department raised query U/S 200A for non making payment of TDS so do it before next assessment year.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Is online PGCE worth it?
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
