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Tds deducted

bibek (AUDIT ASST.) (38 Points)

14 November 2013

If bank deduct TDS on interest from FD without PAN no @ 20%, then is it refundable ? if the total income assesse not more than Rs.200000/-. If Yes/No, Why ?

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CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 14 November 2013

if bank have deducted the tds @ 20% due to non availability of pan than it would not be refunded because it will not shown in 26as. for claiming refund you will have to request the bank for revision of their TDS RETURN so that it can reflect in your26as form and you can claim refund

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(Guest)

As per Section 206AA, Notwithstanding anything contained in any other provisions of this Act, any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVIIB (hereafter referred to as deductee) shall furnish his Permanent Account Number to the person responsible for deducting such tax (hereafter referred to as deductor. So, it is mandatory to apply for PAN if TDs is deductible on bank interest. if his income does not exceed Rs 200000/- he can furnish form 15G to Bank thereafter. Now, the assessee should aply for PAN and thereafter file return to claim the TDS refund. But refund seems doubtful.

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manoj katara (Service) (209 Points)
Replied 14 November 2013

Simply give your pan card xerox copy to the bank manager & request them to revise their tds return and after revising their tds return the said amount of tds so deducted will be reflected in your 26AS.

Then according after the year end file your income tax return and claim the refund of tax.

Fill from 15G/15H according & submit to the bank for no more further deduction of tds.

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