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Tds deducted @20%

prakash (Student) (39 Points)

16 July 2012

Actually I had a fixed deposit in a bank , amount of rupees 200000 , I am a farmer and my yearly income is below than tax limit ,so I did not file income tax return yet . my problem is that the bank has deducted tds @ 20% on the interest because i have not provided my pan number there . so my question is that whether still i can get that amount as refund ? . if yes then what is the procedure .. The bank give me form 16A with the detail of challan numbers ,

so experts please suggest me ..

thanks

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22 Replies

Chiradeep.R.H (Chirahi & Associates - Consultants) (240 Points)
Replied 16 July 2012

Interest paid by banks of Rs.10,000 and more are liable to deduct TDS at 10% and if no PAN is provided by A/c holder, TDS will be deducted at 20%.

Assessee can claim the refund of amount deducted by filing Income tax returns.

Hope this reply satisfied you.

For Filing Income tax returns holding of PAN No is must. Please apply for it

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divva (Industrial Trainee @ Ashok Leyland) (348 Points)
Replied 16 July 2012

Has bank given u FORM 16A?? If yes, U can get Refund. U need to Get a PAN number immediately with that process ur IT Returns & claim Refund

1 Like

CA Pk jain (CA) (33 Points)
Replied 16 July 2012

First collect Interest Certificate/ TDS Certificate from ur bank & then submit the return; claiming the TDS deducted amount as refund .

Further when ur returned is processed you will find a letter enclosed therewith urging u to produce the TDS Certificate...Present the Certificate & collect the Cheque...

n hey Champ...if u dont want all this litigations in ur next Financial year; do submit Form 15G to ur banker (at earliest)

prakash (Student) (39 Points)
Replied 16 July 2012

yes bank has provide 16 A to me ,and I have already received my pan card few days before , but when i am registering for online return , in form 26as it is not showing that tds amount , so should i file mannual return or online ??

CA Pk jain (CA) (33 Points)
Replied 16 July 2012

Online...

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prakash (Student) (39 Points)
Replied 16 July 2012

thanks mr. Pk jain for ur quick reply , as u said you will find a letter enclosed therewith urging u to produce the TDS Certificate...Present the Certificate & collect the Cheque...so i want to now that where , how and when i have to submilt or disclose those certificates ??

should i attach a copy of those with the acknowledgement of ITR , and send those to banglore . ?

divva (Industrial Trainee @ Ashok Leyland) (348 Points)
Replied 16 July 2012

Its better to File manual returns since u dont hav tax credit reflected in 26AS, U can file manual return & get acknowledgement so it wil be easy for follow up.

CA Pk jain (CA) (33 Points)
Replied 16 July 2012

No sir,

u just file the return...

and after recieving the letter u will have to file an rectification letter u/s 154 to ur concerned circle/ ITO with original TDS certificates.

He will immediately issue a cheque...............

Parihar Gopal (Corporate Taxation ) (392 Points)
Replied 16 July 2012

you just file ur return , with mentioning ur Pan no , name , 8 digit receipt numbers of orginal quarterly statements of TDS under subsection (3) of section 200 provide in ur form 16 A , on the basis of above information ur AO can easily process ur refund.

VISHU RAJPUT (Article Assistant & CA Final) (489 Points)
Replied 16 July 2012

My dear Professional Friends @ p k jain & Divva might be u both are wrong in this topic because !! he has form 16a but in which his pan no. is not present so first of all he has to write a application to bank or advice bank to revise the tds return of that qtr in which his TDS is deducted so that his pan number updated in tds return nd than he will be getting credit otherwise no credit will be available nd no refund !! wheather u file online or mannual retrun !!

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Parihar Gopal (Corporate Taxation ) (392 Points)
Replied 16 July 2012

dear Vishu ,

it not easy to revise tds return in case bank where more than 2000 deductee in tds statement , there is no default of bank also because bank have already given to notice to all customer for submittinf your Pan no. bank never revise there return , please go to my repose and file ur return i have faced the same problem ,

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VISHU RAJPUT (Article Assistant & CA Final) (489 Points)
Replied 16 July 2012

@ dear gopal !! you r totally wrong in banking TDS return of each qtr is revised atleast 5 to 6 times nd for ur kind infomation i am proving consultancy service to one of the leading bank branch in tds matter nd i had revised tds reuurn so many time !! whn any case like this come than bank will revised nut on collection of data from atleast 8 to 9 person whose tds 20% deducted nd no pan available at that time !!

ANAND DHYANI (Tax Consultant) (48 Points)
Replied 16 July 2012

Dear All

First of all bank can't issue tds certificate (16A) in case of pan not available, because the generation of form 16A is mandatory for Banks and Pvt. Ltd. company from NSDL. in case of Pan not available NSDL will not generate Form 16A.

You can request to Bank for revise the TDS return after the submitting of Pan Card for the such period for claiming the TDS after that you can file the personal return and get refund.

ANAND DHYANI (Tax Consultant) (48 Points)
Replied 16 July 2012

Originally posted by : VISHU RAJPUT
	My dear Professional Friends @ p k jain & Divva might be u both are wrong in this topic because !! he has form 16a but in which his pan no. is not present so first of all he has to write a application to bank or advice bank to revise the tds return of that qtr in which his TDS is deducted so that his pan number updated in tds return nd than he will be getting credit otherwise no credit will be available nd no refund !! wheather u file online or mannual retrun !!