Tds on interest on fds

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2017 Dear All,

Please help me upon TDS deducted on Interest on FDS.
One of my client's father made an FD in her name 20 years back. and himself acted as nominee.
Recently FD got matured and TDS is deducted by bank. My client is not submitted her PAN while opening FD (i.e 20 years back). Now bank employees are not accepting form 15 G for non deduction of TDS. and bank is already deducted TDS from last 4 years. Bank people are saying that no pan is linked to this FD. can we submit the PAN and get back the refund. or is there any chance to get back the TDS deducted. and my client has no other income apart this Interest.

Thanks in advance

Expert : Anonymous

Expert : Anonymous (Expert)

09 May 2017 Yes u can submit your PAN but refund is received by you only if TDS return by bank will be revised.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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10 May 2017 Now since bank is already deducting TDS for 4 years it will be vary difficult for you to ask your bank to revise TDS return with the PAN of the client. Credit of TDS will be available only if TDS return is revised and amount of TDS is reflected in 26AS.

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Expert : Anonymous

Expert : Anonymous (Expert)

10 May 2017 You can ask your bank for certificate in respect of it. Then file your return claiming such deduction. After assessment give application to your AO with affidavit on Rs.100 stamp & certificate. They will process your refund

Expert : Anonymous

Expert : Anonymous (Expert)

10 May 2017 But return not filed for A.Y. 2015-16 or earlier. No refund claimed for that year