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Treatment of FD TDS

Ashish (Professional) (117 Points)

21 April 2010

Last year on 11th Apr 2009, bank cut a Rs.1200 TDS from my account for exceeding FD interest for period 1st Apr 2008 - 31st Mar 2009, but I filed the return on 7th Apr 2009.

Please tell me those Rs. 1200 TDS can be adjusted in this year return because they cut the amount on 11th Apr 2009, if not then what's the solution....

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9 Replies

Dhruv (Chartered Accountant) (308 Points)
Replied 21 April 2010

Nope, you can't take TDS credit for a particular FY in the next FY.

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Ashish (Professional) (117 Points)
Replied 21 April 2010

But bank charged in this FY, so why i can't take benefit of this, if not that means I paid extra 1200 Rs. tax

Dhruv (Chartered Accountant) (308 Points)
Replied 21 April 2010

In that case file a revised return for the FY 2008-09, that can be done upto 31st July 2010 in your case (individual), take credit for TDS in the return.

CA Punit GoSwaMi (Chartered Accountant) (310 Points)
Replied 22 April 2010

Ya file a revised Return if that TDS is Pertaining to F.Y 08-09....and frnd for a Bank itis deductible in the year 08-09 nly....so it is advisable to file revised return and take a benefit of the Same........

N.JAYAPRAKASH (MBA,M.Com,(CA)) (27 Points)
Replied 22 April 2010

Dear Ashish

Regarding your query on TDS Claim from IT Department, you have two options :

1. You can choose an option for filling a Revised Return on or before 31.07.2010.

2. Since it is small amount of Rs.1,200/- you can claim this TDS amount

within maximum of two F.Y years( ie., before F.Y 2009-2010) by producing

the Original Form-16A alongwith your ROI. In this option you need to be filed

you ROI within the filing due date in order to get refund. After due date

I.T Department will not entertained the Refund.

I suggest, since you already filed your I.T Returns on 07.04.2009 & I assume even if

you had tax dues before filing your return you must have cleared by (140A) paid for

F.Y 2008-2009. So, you can choose the 2^nd option and can claim TDS in the

F.Y 2009-2010 for which you have to file your ROI on or before 31.07.2010.

Thanks with Regards

N.JAYA PRAKASH.

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Ashish (Professional) (117 Points)
Replied 22 April 2010

I am thinking, i must leave as it is and don't take the pain of refiling or taking refund. If i take the benefit this year.... then that's a different thing but when can't then no use.

CA Pankaj Warke (Fin Man) (268 Points)
Replied 22 April 2010

Dear Ashish,

You are saying that the Bank has deducted Tax on interest ON 11th April 2009.

If the same is true, the certificate will be stating the same date of deduction and the certificate issued will be for AY 2010-11. Please check the same as if the Bank has deducted the Tax in this year, deposited it this year, then definitely the TDS certificate will be for this year.