15g form submitted on time but bank deducts tds
icecoolsiddu
(Querist) 21 November 2014
This query is : Resolved
Dear All,
I am student and i don't have any other income but i hold deposits in a public bank, where i earn a deposit interest of rs.10850 to 11000 approx. I hols a PAN and i also have submitted 15G form to the banker and got witnessed for the submission on 7APR14. But after four months later i can realize they are deducting TDS for the interest amount that i am getting on monthly basis.
When i inquired they said i will issue 26AS form from our side you need to file IT returns and get refund for the same.
My question is that I have submitted 15G on 07APR14, but this is purely banker mistake, i need to take action on them and get compensation for the same. Is this possible please suggest.
Guest
(Expert) 21 November 2014
If already deducted and remitted to IT department, you have to keep your icecool, as the only way now is to claim refund from the assessing officer.
icecoolsiddu
(Querist) 21 November 2014
Thanks for your fastest turnaround.
Is there any way to get compensation.
Anirudh
(Expert) 21 November 2014
According to you, the bank has effected TDS on interest paid for which period? Please specify.
Rajendra K Goyal
(Expert) 21 November 2014
TDS once deducted and deposited, no other alternate but to claim refund after filing return.
Guest
(Expert) 21 November 2014
Mr. Incecool Siddu,
You seem to be quite smart!
When you ask, "according to you, the bank has effected TDS on interest paid for which period! Please specify", your present query itself gives an ample indication that this is not your personal problem, rather it is your academic exercise, which you want to solve with the help of experts. Otherwise, you could have gone to your bank to ask for which period the TDS was deducted.
It is a matter of common sense, when you have not given the date of opening, tenure of the FD, and the financial year period for which you have given Form 15G, how can you expect anyone to presume the TDS was deducted for which period? So, it is not me, it is you or the bank, who has to specify, what you have asked.
Moreover, when you have given 15G form on 7th April, 2014, not anyone else, but you could well have applied your own common sense for which AY or FY you filled up the form.
icecoolsiddu
(Querist) 21 November 2014
Dear All,
I hope all of you know that TDS is to be submitted by customer on or before 10Th April of every year. I too have submitted the form on 7th april 2014. The deposits that i hold is to earn an interest monthly, therefore the bank made the mistake to feed the 15G/H from receipt for this year till MARCH 2015 in the system, hence they deducted me 10% from my interest that i earned every month. what shall i do, its purely banks mistake.
icecoolsiddu
(Querist) 21 November 2014
Dear All,
I hope all of you know that TDS is to be submitted by customer on or before 10Th April of every year. I too have submitted the form on 7th april 2014. The deposits that i hold is to earn an interest monthly, therefore the bank made the mistake to feed the 15G/H from receipt for this year till MARCH 2015 in the system, hence they deducted me 10% from my interest that i earned every month. what shall i do, its purely banks mistake.
Anirudh
(Expert) 21 November 2014
If you are earning interest on monthly basis, then you would have come to know that they have wrongly effected TDS (in spite of you having furnished the Form 15G in time) in the month of May / June 2014 itself. Then why did you not point out to them then and there? How can you now come after 6 months and say that it was purely Bank's mistake?
icecoolsiddu
(Querist) 23 November 2014
Anirudh,
your question is right, as a common man will be entering to a bank for service, but as of now the ebanking facility, there is no need to step into bank and waste our time in a long queue. Hence in checked in my online statement where no additional details in provided in the particulars column expect INTEREST, there is an various in the interest I earned, after that I step into the bank and asked for solution they said, you have not submitted 15G form on time and I argued with Chief manager for rectification they again replied that you have not submitted 15G form again. I promptly replied I have submitted 15G form on 07APR14 and written in the book where bank keeps records for all customers who submitted 15G for this year. The chief manager went to the book and he finds my name on the same date as said sorry for our mistake done in human error which has been left undome to feed in the system, we will enquiry and write a letter to our concerned POD department for rectification, and will try to recredit for the same TDS deducted at our end mistakenly.
My question is that I can see and generate 26AS where the bank as paid TDS against my PAN number, how can they remit and recredit to me within two weeks of time to my account, whether they will use their suspense accounts to credit my account for TDS deducted or they replied this statement to cool me. I was unable to understand this.
Anirudh
(Expert) 23 November 2014
Having effected TDS and paid to the Government, It will not be possible for them to re-credit the amount of TDS to your account.
Guest
(Expert) 23 November 2014
Dear Experts Our Seniors had addressed you with Mr the same is missing in Your recent Posts.Please Correct.
Guest
(Expert) 23 November 2014
Mr. Ice Cool Siddu,
Vaue plea on your part. You are just trying to stretch the thread too far without any useful purpose.
If you believe, "as of now the ebanking facility, there is no need to step into bank and waste our time in a long queue" the banks are also having another online facility, called "helplines" to contact the banks to ask for the desired information by sitting before your desktop or calling them on mobile fphone from anywhere. So that way, you should also not have felt the need to post your query at the site of LCI, while the experts here do not also have any authority to clarify the issues pertaining to the bank transaction (regular or irregular).
Moreover, if any affected person prefers laziness than to take trouble of entering in to bank to get mistake rectified for substantial debit in to his account, he should feel contented with what the bank had done with his account. WHY FUSS?
icecoolsiddu
(Querist) 23 November 2014
Dear All,
Thanks for your honourable answers on this query.
Once again thanks for all.
END...
Guest
(Expert) 23 November 2014
Nice of you for ending.
T. Kalaiselvan, Advocate
(Expert) 24 November 2014
Thank god, the author has ended his query as resolved or else it would have stretched much longer. As a matter of fact he has been addressed by the bankers that they will re-credit the amount deducted, so there ends his problem, how will the bank do it and other problems, will be that of the bank after this.
