ayesha (mcom) (1185 Points)
25 July 2013A person has fixed deposit on bank.Total interest earned is more than 10000 in a year. He did not have pan so tds deducted at 20 %..Later on the person furnishes pan and submits
15 G to bank. Can person claim refund of tds deducted at 20 %.Can he now get form 16A from bank?
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 25 July 2013
If the Bank, while furnishing TDS return, has disclosed about the deduction at a higher rate of 20% due to non holding of PAN by deductee then it cannot be revised now. If the form 26Q cannot be revised the, sorry, the payee cannot get form 16A and hence the TDs is lost by him.
Regards,
Pallavi
(PCA)
(95 Points)
Replied 25 July 2013
PAN can be updated by revising the return and the assessee can claim 20% deduction in his ITR after that. But the amount of deduction cannot be corrected or changed from 20% to normal after receiving PAN. As only updation of PAN is allowed not correction.
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