My friend is M.D. of his Pvt Ltd. company. The company has Fixed Deposits with SBI. The SBI deducted TDS on interest on FD @ 20 % instead of 10 %. The excess amount of TDS comes to Rs. 55000. The bank issued Memo to concerned staff but has regretted to reverse the deduction. Now the company has paid all tax liabilities in full. The company has to claim refund which may come after very long time. The bank refuses to make immediate refund of excess deduction. Isn't it illegal for bank to deduct such exces TDS ? How to force bank to refund the amount of Excess TDS forthwith ? What is the legal remedy other than claiming refund while filing return ?
CAclubindia
