Wronly Ded. of TDS
Querist :
Anonymous
(Querist) 15 January 2011
This query is : Resolved
Dear All..
I have query about the ded. made by the bank on the FDR at double rate instead of ded. has to be made @ 10% , bank ded. 20 %, there is big amt of FDR involved in this matter ....
Can we go for this matter in to the consumer protection law for the excess ded. made in this case by Bank ?
Kindly Advice....
A V Vishal
(Expert) 15 January 2011
1. Is the deductee a resident or Non Resident Indian.
2. The Income tax was amended to deduct TDS @ twice the original rate if the deductee fails to furnish copy of his/her PAN card to the deductor.
Querist :
Anonymous
(Querist) 16 January 2011
This is related to the Indian Resident & holding valid PAN Card from the IT Depart.
A V Vishal
(Expert) 16 January 2011
But have you furnished the PAN card copy to the Banker who holds yours deposits. Please refer my previous post point 2, I have mentioned furnishing not just holding.
mahendrakumar
(Expert) 16 January 2011
unless copy of the PAN submitted to the banks,all banks charges double the rate of TDS from 01st April 2010.
of copy of the PAN not submitted,submit a copy to the bank,and ask for the refund of the excess. If they had not remitted the amount already to the concerned IT office already,they can make the payment to you.
otherwise,you will have to claim the refund by filing return.
Querist :
Anonymous
(Querist) 16 January 2011
thies is not may qs ?
all kinds of Formalities have been done away , there is nothing to do with submission to the bank ....
Then for the wrongly ded. made by bank ... can I go to consumer protection ????
R.Ramachandran
(Expert) 16 January 2011
Dear Mr. Anonymous,
There is direction that in case PAN CArd is not produced to the Bank (don't say that you produced the PAN card at the time of opening of the Account), the Bank is supposed to deduct Tax at Source at 20% instead of the normal 10%.
If you have not complied with this requirement, even by approaching Consumer Forum, you would not be successful.
A V Vishal
(Expert) 16 January 2011
Approach the bank directly and confront the Manager, if he is not responding positively, then you approach the higher officials and even then you are unsatisfied file a complaint with the bank's ombudsman. You have to follow a heirarcy to complain it will strenghten your case against the bank.
abhishek
(Expert) 18 January 2011
follow the instructions of Mr. Vishal and in case Bank Ombudsman do not any action or you will not satisfy with its decision you can move to consumer forum.
