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Bank not detucted tds yet

Shri (M.Com) (129 Points)

07 April 2015

I had asked my bank to detuct tds. by Somemistake, bank did not do so.

Hence i requested the bank during March last week to detuct tds. They said they will do it.

Now, they told me, they will debit from my SB and do it before 10th April.

My Question is - Will i get a credit for this for the Financial Year which ended 31st March 2015 or not?

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12 Replies

sesha (accounts executive) (1101 Points)
Replied 07 April 2015

if they deduct from u sb ac and pay tds amount correctly and make tds returns properly jan to march 15 and ame fter paying and makinng returns it will displayed on your form26as income tax login id

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Shri (M.Com) (129 Points)
Replied 08 April 2015

What if they need to pay for other Quarters. They said that it will be done after paying latefee and penalty. Whats the last date for the year ending 31st March.

Sonakshi Mangla (Employee) (310 Points)
Replied 08 April 2015

you can manually feed enteries in your itr relating to TDS if the same doesnt appear in your 26AS. Once the bank ll deposit the same & file the TDS return, it ll start reflecting in your 26AS. You dont have to worry about it.

Sunit Chhatbar (Project Finance and Tax Audit) (336 Points)
Replied 08 April 2015

dont worry, banks are required to file their annual accounts within 1 month from end of FY. & accounts of banks are audited within 10 days or so.

so now if your TDS is correctly duducted & Paid then it reflecte in 26AS. if they dont duduct/paid correctly then they have to transfer the amount to your account.

morever you can ask 16A from bank if TDS credit is not display in 26AS.

as per CBDT circular, few judgments & 205 sec of incometax.

“205. Bar against direct demand on assessee. — Where tax is deductible at the source under (the foregoing provisions of this Chapter), the assessee shall not be called upon to pay the tax himself to the extent to which tax has been deducted from that income.”

so u can cliam amount on base on 16A.

hope your query is solved.

dont forget to thanks

deepak (Job) (69 Points)
Replied 15 April 2015

First of all , i want to inform you that if bank has not deducted TDS , then why you asked bank to deduct TDS , there is no burden on you if bank forget to deduct TDS , its the banks headache and there is no negative consequense on you.

now if the bank has deducted TDS , then ask bank to provide you TDS certificate form -16A downloaded from TRACES Website. and also check your own FORM -26AS before filling your own INCOME TAX RETURN FOR A.Y.2015-16 , if the bank has deposited TDS and filled TDS returns then the TDS Amount will reflect in your 26AS , normally it will reflect before the end of june, 2015.

BUT if the bank has shown TDS amount in april,2015 in there TDS return then you can claim TDS in the next years ITR

Thanks

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deepak (Job) (69 Points)
Replied 15 April 2015

Due date for TDS return filling for the IV Quarter i.e. Jan to March 2015 is 15/05/2015 .

deepak (Job) (69 Points)
Replied 15 April 2015

Due date for TDS return filling for the IV Quarter i.e. Jan to March 2015 is 15/05/2015 .

Shri (M.Com) (129 Points)
Replied 15 April 2015

15th May is for the last quarter. I am asking for the 1st 3 Quarters.

The bank says - It will pay the late fees and detuct TDS for 1st 3 quarters. So, by when it has to file Form 26 return for me to claim tax credit for the Financial Year 2014-2015.