02 July 2014
State Bank of India has not deducted TDS on the interest on fixed deposit for the FY 2013.14. The reason given by the bank was 0% interest was wrongly charged on that deposit, hence no interest no TDS. Subsequently the said mistake was discovered at the time of prematured withdrawal in April 2014, the bank gave credit of the full interest but made TDS on the entire interest including interest for FY 2013.14 showing it as interest pertaining the period FY 14.15.
Can the depositor claim the TDS which is made in Apr 2014 as he follows accrual system of accounting and has to include the said interest income for AY 14.15.
CAclubindia
