TDS at higher rate

This query is : Resolved

Saurav (Querist)
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19 May 2011 Dear Experts,

Please let me know that if PAN card has not been submitted to Bank , Bank deduct the TDS at higher rate. Now how to take credit of the same because in absence of PAN card the amount is not credited to particular PAN number.

I checked the AY 2011-12 ITR forms , there is no option as such. Please guide.

Thanks

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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19 May 2011 If no PAN is submitted, then tax will be deducted at higher rate. In this case, the -payee will not get the benefit of the tax deducted. No credit will be allowed.

Saurav

Saurav (Querist)
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19 May 2011 so again i need to show the income in itr and pay tax on it ?

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CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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19 May 2011 You will have to give your PAN no to the bank and request them to file correction statement of TDS return.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 May 2011 Correct observation by Daruka Sir. If the bank revises its TDS return by mentioning your PAN against the said deduction the amount of TDS will get credited against your PAN and the same can be claimed by you in your IT return.

Saurav

Saurav (Querist)
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19 May 2011 Agreed with Dhanuka Sir. But Bank is denying to revise there TDS return. They are saying now it is not possible.

is they any more way out? Please help

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 May 2011 In that case you can file your complaint before the Banking Ombudsman.

Saurav

Saurav (Querist)
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19 May 2011 Thanks for you reply Mr Gupta. I have written an email to Bank, let see what they reply.

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U S Sharma

U S Sharma (Expert)
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20 May 2011 Bank will not do it for single person, but

1) submit your PAN to bank, get it updated in accounts
2) put a written request to them for correction

if they get such requests from a more ppls then they would consider to rectify.

VAMSI ASSOCIATES/S.PHANI RAJ

VAMSI ASSOCIATES/S.PHANI RAJ (Expert)
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20 May 2011 yes krishna daruka said is right

You will have to give your PAN no to the bank and request them to file correction statement of TDS return then you register with 26AS and see your income tax credit.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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20 May 2011 There are many practical cases where bank is denying to revise the TDS returns. In this case, their stand is that the account holder should submit his PAN / 15G / 15H in time. The bank has huge number of payees and it cant revise its return each and every time a new payee comes with its PAN. Its better now that you submit your PAN for future use by the bank. But there is hardly any chance that the bank will revise the return as there are large number of payees.