TDS deducted by bank @ 20 %

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 May 2011 The bank has deducted TDS on interest payable on fixed deposits to one of our client @ 20 % , for the financial year 2010-11.The bank has never asked for PAN number from my client. In this case what how the TDS deducted by bank @ 20% can be claimed by the assessee , since bank will not issue him Form16A for the financial year 2010-11.Kindly advise.

CA Sreenivasa Rao Munaga

CA Sreenivasa Rao Munaga (Expert)
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06 June 2011 Now we can see the amount of Tax deducted in the Income Tax website by registering with the client PAN number. Based on this we can know how much the TDS has been deducted by the bank on the interest that was given to the client.
We need to file a revised return to claim for the refund. However please look at the time limits whether available or not to file a revised return.

Thanks,
CA M Sreenivasa Rao
R&S Associates