Tds deducted by bank but not deposited
Hariom Sharma
(Querist) 27 January 2014
This query is : Resolved
Dear Sir,
On 31.03.2011, an amount of Rs. 4745/- was deducted by the Bank as TDS for FY 2010-11 on Fixed Deposit even after submission of Form 15G and copy of Pan Card.
The amounted was deducted by the Bank on 31.03.2011 but still not deposited to the Tax Department. In this case what to do? Till date no satisfactory answer received from the Bank.
Guest
(Expert) 27 January 2014
Submit a Requisition letter to bank explaining all the facts and marking copy to concerned IT authorities and take an acknowledgement of letter from bank.You would have the result.Non Remittance of TDS deducted is an offence.
ajay sethi
(Expert) 27 January 2014
agree with Mr rajkumar
R.K Nanda
(Expert) 27 January 2014
consult tax lawyer.
Guest
(Expert) 27 January 2014
Since you submitted Form 15G and PAN Card to the bank TDS was not required to be deducted from the maturity amount of FD.
However, in order to get appropriate solution, you need to provide the following information:
1) How you have come to know that the bank has not remitted the TDS amount to the IT department?
2) Dod the bank issued you acknowledgment for receipt of Form 15G?
3) Has not the bank issued you TDS certificate in Form 16A for the amount deducted from the proceeds of the FD?
Rajendra K Goyal
(Expert) 27 January 2014
There is possibility that the Bank has deposited the amount in the Income tax account but your PAN no. may not be properly entered and the amount could not be accounted by IT department in your PAN. If such is the case ask the Bank to revise its return.
If the Bank has not deposited, the amount must be pending in their Suspense Account, Bank is liable for negligence, pay the interest and penalty if any, to IT department and send notice to Bank for recovery of this amount along with expenses and damages.
Guest
(Expert) 27 January 2014
AS a lay man I do have a small doubt whether we are helping the author or defending the Banks.I do not understand
Guest
(Expert) 27 January 2014
Mr.Ajay Sethi could I understand what do you mean Who is rjkumar what do you mean is it me I did not require any endorsement from you.PLEASE GIVE RESPECT IF YOU DESERVE RESPECT.Understand LCI is a Forum to help the deserving people YOU SHOULD MAINTAIN DISCIPLINE WHILE ADDRESSING OTHERS
R.V.RAO
(Expert) 28 January 2014
write to banking ombudsman,even online you may do so.
but i wish to know s to how you are sure bank did not deposit the tds?
pl. be advised there is concurrent audit of bank branches,besides BANK H.O audit,bank branch inspection even by RBI, over and above statutory and internal audits. so almost 3 years, it went unnoticed by all staff,r.o,z.o,audits etc... not believable.
if really the bank kept it in suspense deposit ,the only reason could be that bank found you gave form 15G and that a wrong deduction made.
this is the reason why bank depositors, especially senior citizens are advised to obtain acknowledgement after submitting form 15 H.THIS HELPS IN CASE OF ALL FUTURE COMPLICATIONS.
RBI also recently advised ALL bankS to ack. receipt of form 15 G/H.
Also you may meet the senior officials in the bank like chief manager/AGM/REGIONAL MANAGER/CIRCLE MANAGER/DGM etc... after taking appointment and explain your problem.
if still no solution one may also write/mail to-grievance cell- dept. of banking-RBI-H.O Mumbai.or also may approach numerous consumer help associations ,online.
Advocate. Arunagiri
(Expert) 28 January 2014
You have stated that you have filed the 15G form to the bank, then, the bank would not have deducted the TDS at all.
15G is a request to release the payment without any tax deduction.
Then, how do you expect the bank to deposit the TDS amount in your PAN account.
Advocate. Arunagiri
(Expert) 28 January 2014
You may check with the bankers, is there any other reason for deduction of money, like fore closure etc.
Hariom Sharma
(Querist) 28 January 2014
Thank you Sir(s) for your valuable suggestions. I have the Account Statement which is showing that the TDS was deducted. I have checked at IncomeTaxIndia website Form 26AS which is showing NIL Transaction for FY 2010-11. I also have a copy of Form 15G submitted to Bank and they have duly signed on it for receipt.
Guest
(Expert) 28 January 2014
You are welcome.
Kumar Doab
(Expert) 28 January 2014
All customers/citizens should insist to get the acknowledgment with seal, signature, date, on copy of form 15G.
If you have evidence of having submitted form 15G then bank is certainly deficient in its legal obligations and service.
If bank has deducted TDS then it has to provide certificate of deduction.
If bank has deducted TDS and has not deposited it then bank is certainly deficient in its legal obligations and service.
You may write to BM and Chairman of the bank under proper acknowledgment and must not hesitate to demand compensation as per internal compensation policy of the bank.
Upon getting TDS certificate ( put remarks that it is issued first time to you on dated.................) you may revise your ITR.
Bank has to relate every detail on every document with its data and KYC details it has acquired from customer while opening account. Hence entering wrong PAN detail should be a lapse at the end of the BM and bank.
If the BM and bank is adamant you have the option of approaching any forum of your choice e.g: BO, DCDRF...........etc
ajay sethi
(Expert) 28 January 2014
i have never said who is rajkumar . i merely said agree with your advise .
Kumar Doab
(Expert) 28 January 2014
Walk into the branch and request the staff/Officer on duty to look into the file in which form 15G are filed.
Go thru the file in CCTV coverage area.
If your form 15G is in it you shall have evidence. Keep some witness with you and if possible record the visit audio/visual.
Guest
(Expert) 28 January 2014
Now also dont justify MR.AJAY SETHI WHAT IS rjkumar FIRST OF ALL COULD YOU UNDERSTAND HOW TO ADDRESS ANY ONE> I STRONGLY DOUBT WHETHER YOU ARE PRACTISING ADVOCATE OR NOT
ajay sethi
(Expert) 28 January 2014
Mr rajkumar
in case i hurt your feelings by addressing you as rajkumar and not Mr rajkumar please accept my apologies for the same .
Advocate Ravinder
(Expert) 13 August 2014
To Raj Kumar,
I did not observe any wrong of the words of Ajay sethi. He had said “agree with Mr. Raj Kumar”. He had appreciated you and not insulted you. I do not understand what is wrong in that. I could not understand why Raj kumar is furious. Normally, as we are human beings, we will endorse each other’s comments and sometimes appreciate on other Advocate’s comment. On the contrary it is wrong when we do not comment on other Advocate’s comment. The main intention of the LCI is to comment on other’s opinions besides giving answers to the author of question. I know Ajay sethi since long time. He is a good Advocate and the way of posting of answers is also good. You have mistaken him and you are somewhat behaving as a psycho. Please do meditation daily to cure your defect.
Ravinder, Advocate, Hyderabad.
Sudhir Kumar, Advocate
(Expert) 27 January 2014
