Tds-deducted by bank -on fdr interest.>rs.10000/-

GOYAL PRADEEP (Querist) 24 May 2012 This query is : Resolved
SIR.
AN UNEMPLOYED WIDOW SR.CITIZEN WITH FAMILY PENSION OF RS 80000/-PA &.HAVING INTEREST ON FDR RS.20000/-P.A.IE THE TOTAL ANNUAL INCOME NOT TAXABLE.SO NOT HAVING A PAN.NO.NO CASH TRANSACTION >50000/-MADE BY HER.GIVEN FORM 60 WHILE OPENING THE A/C & GIVEN FORM 15H AT THE BEGINING OF FY. BANK HAS DEDUCTED 20% TDS ON INTEREST .REASON PAN NO NOT PROVIDED.STILL INSISTING FOR THE CURRENT YR.ALSO FOR PAN NO.
FOR THE PREVIOUS YEAR ASKING THE 90 YR OLD LADY TO HAVE A PAN NO.& FILE A IT.RETURN FOR REFUND.
HOW FAR THE BANK IS JUSTIFIED.?IS IT MADE MANDATORY THAT EVERY BANK CUSTOMER SHALL HAVE A PAN CARD.?
THE BANK IS NOT GIVING BACK THE TDS WRONGLY DEDUCTED FROM THAT LADY INTEREST AMT.
WHAT TO DO.?
PL GUIDE.
REGARDS.
KANTA GOYAL.

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Guest (Expert) 24 May 2012
TDS once deducted, may be wrongly, can be refunded only by the Assessing Officer of the IT department.

Nadeem Qureshi (Expert) 24 May 2012
agree with Mr. Dhingra

GOYAL PRADEEP (Querist) 24 May 2012
SIR,
THANKS.

V R SHROFF (Expert) 24 May 2012
you can easily get a PAN NO. & FILE RETURN TO RECOVER AMT PD ON INT

C. P. CHUGH (Expert) 27 May 2012
Under the Existing provisions of Income-tax Act, Bank are not obliged to accept Form 15G/15H unless such forms contains PAN of the Declarant. As such the Bank has rightly (and not wrongly as mentioned by you) deducted tax at source. You have now no other option but to file return and claim refund. However for current year, you can still obtain PAN and intimate Bank about it so that no further deduction is made at source.

Adv C P Chugh
cpcservices@gmail.com
+91-9971124526

GOYAL PRADEEP (Querist) 27 May 2012
DEAR MR.CHUGH.
THANKS.
PRADEEP GOYAL.

Shonee Kapoor (Expert) 31 May 2012
Nothing left to be added.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

R.V.RAO (Expert) 21 February 2014
yes.
2 issues come up.
one, without pan no. form 15 G/H not accepted and EVEN if accepted does not save you from TDS.

second, when there is no pan no provided, banks are liable to deduct TDS @ 20%

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