TDS on bank FD
sanjay
(Querist) 16 June 2011
This query is : Resolved
I am a senior citizen and I hold some FD's with a bank, the total interest on which for the year 2010-11 is well below INR 10000. I had quoted my PAN no. on the F.D. forms at the time of deposit. I don't remember if I had provided them with a copy of the PAN card. Can the bank accept the FD without asking me to produce the PAN card proof (as the PAN no. was quoted in the FD forms)? And can it then deduct TDS at a higher rate saying that the PAN no. was not in their records? If yes, can I claim the TDS on the basis of the TDS
prabhakar singh
(Expert) 16 June 2011
IF PAN IS PROVIDED BY YOU THEN BANK HAS CAUSED ACTIONABLE INJURY TO YOU. BUT IN CASE IT WAS SIMPLY QUOTED ON FORM OF FD THEN YOU CAN NOT DO MUCH AGAINST THE BANK.
YOU CAN CLAIM REFUND FROM I.T.O.,IF THE (TDS)DEDUCTION IS UNJUSTIFIED.
PALNITKAR V.V.
(Expert) 17 June 2011
I think mere submission of PAN number is not enough to avoid TDS. A separate form like form No. 15 G is to be filled in for that. At any rate you can claim refund if you were not liable to pay IT.
malipeddi jaggarao
(Expert) 17 June 2011
Mr.Palnitkar's advice is proper and needs no elaboration.
prabhakar singh
(Expert) 17 June 2011
FORM 16G IS TO BE SUPPLIED BY THOSE WHO DOES NOT HAVE A PAN,THOSE WHO HAVE HAS TO PROVIDE A TRUE COPY THERE OF, SELF VERIFICATION IS ACCEPTED BY BANKS.BUT SIMPLY MENTIONING OF PAN IS NOT SUFFICIENT.
