Tds refund
This query is : Open
21 September 2017
Hello Everyone,
In 2012 my mother made a Fix Deposit In Punjab Natonal Bank for 5 years on my name under her Guardianship, as i was minor at that time. The Principal Money was 130000 and the Maturity amount according to Bank should be around 200000 in year 2017. In between this time somehow the Joint Account from which the FD was linked got closed. So when I contacted the bank regarding this they said I have to open a separate account (as I am major now) of mine and they will transfer the matured FD amount in this account. so all this happened and i got my money in that newly opened account. but the amount was around 16000 less i.e 184000. when I asked bank about it they said TDS is deducted. as my total income is below taxable income, they said you can file ITR and get TDS Refund. Now my questions are -
1. From where actually the TDS is deducted ??
- From the last account which got closed ?
- Or from the newly opened account ?
2. The tax is deducted on my name or my mother's name ??
* I am asking these things because i have to
show these things in ITR for TDS Refund.
* In the last account nor mine neither my mother's PAN Card was linked.
* In the new account my PAN Card is linked.
* The rate of TDS deducted is 20%.
* On the ITR website in Form 26AS i can't see any deduction for last and this financial year.
Please provide some kind of advice..
Thanks in advance.
In 2012 my mother made a Fix Deposit In Punjab Natonal Bank for 5 years on my name under her Guardianship, as i was minor at that time. The Principal Money was 130000 and the Maturity amount according to Bank should be around 200000 in year 2017. In between this time somehow the Joint Account from which the FD was linked got closed. So when I contacted the bank regarding this they said I have to open a separate account (as I am major now) of mine and they will transfer the matured FD amount in this account. so all this happened and i got my money in that newly opened account. but the amount was around 16000 less i.e 184000. when I asked bank about it they said TDS is deducted. as my total income is below taxable income, they said you can file ITR and get TDS Refund. Now my questions are -
1. From where actually the TDS is deducted ??
- From the last account which got closed ?
- Or from the newly opened account ?
2. The tax is deducted on my name or my mother's name ??
* I am asking these things because i have to
show these things in ITR for TDS Refund.
* In the last account nor mine neither my mother's PAN Card was linked.
* In the new account my PAN Card is linked.
* The rate of TDS deducted is 20%.
* On the ITR website in Form 26AS i can't see any deduction for last and this financial year.
Please provide some kind of advice..
Thanks in advance.
22 September 2017
Actually your PAN is nit registered with bank that's why they deduct 20% TDS on interest & thats why it is not shown in 26AS.
You have to contact with your bank to update your PAN & add you PAN in TDS return.
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22 September 2017
Thanks for replying... As i mentioned while opening the account i provided them my PAN card as a proof.
22 September 2017
But TDS was deducted in earlier a/c. So please contact with your bank & ask them to correct their TDS returns.
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22 September 2017
as you mentioned the tax is deducted from previous account... what if the Bank officials say that at the time of deduction your PAN was not linked so now you can't get tds refund
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