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Navin Talati   19 July 2017

How to recover loss from bank for wrongly made tds?

How to recover LOSS from bank for WRONGLY MADE TDS?

Respected Experts,

I humbly seek your valuable help and guidance.

(1)

We are Sr. Citizen couple having investment in a bank. Despite submission of form 15H in time for the FY 2016-17, the bank has made substantial amount’s TDS on the accrued interest(up to 31-3-2017) on 13-4-2017 and deposited to IT.

(2)

Our TDR’s are @ 10.5% since 2011 and matures in 2019. So still 2 yrs span is pending. Due to this TDS, we are looser of considerable amount in maturity value.

(3)

The bank has given a monotonous reply of filing a return and get back the amount. This may take 6 to 8 months. But who will give me interest @ 10.5% today and what about the recurring loss of the promised interest?

 

Experts are requested to help and guide us that:

 

What steps can we take against the bank to fulfil this loss? How?

 

Navinbhai / 19-08-2017

 



Learning

 7 Replies


(Guest)

The Form 15H has to be filled in Duplicate and I presume you must be having a copy of the same. You can write to Banking Ombudsman and formally lodge a complain enclosing the copy of Form 15H also with the copy of TDS which can be extracted in TRACES website.

Secondly, you can claim the refund by filing ITR and beleive me it is fast these days and you get refund in 2 to 4 weeks Max unlike earlier where it took months together to get IT Refunds. 

VARUN MAHAJAN (Proprietor)     19 July 2017

SIR,

AS PER UR QUERY I WOULD SUGGEST YOU THAT IF TDS HAS BEEN DEDUCTED FOR THE F.Y 2016-17 THEN YOU ARE HAVING AN OPTION FOR FILING OF YOUR INCOME TAX RETURN AND CLAIM THE TDS WHICH HAS BEEN DEDUCTED BY THE BANK WHEREAS LAST DATE FOR GETTING YOUR INCOME TAX RETURN IS 31/07/2017.

THIS IS THE ONLY OPTION BY WHICH YOU CAN GET THE TDS DEDUCTED BACK.

FOR FUTURE YOU CAN MAKE SURE THAT YOUR FORM 15G/H IS PLACED IN RECORDS


(Guest)

what kind of a BANK is it .. if it a NATIONALIZD bank, very easy to make them answerable through RTI and get this fixed.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     20 July 2017

Check online in form no 26AS that wheather TDS which is deducted is showing in it. If TDS which is deducted is showing in Form no 26AS than you can file your income tax return and claim it as a refund. here clubbing provision will apply and minor income will be clubbed in hand of parents (Husbad Or wife)whose income more without adding clubbed income. If Bank has not revised TDS return and amount of TDS deducted is not showing in Form no 26AS than you can get form No. 16A and make sure that on that form no 16A your pan no is quoted. After that you can make a letter to your Jurisdiction Assessing Officer to considered the amount of TDS deducted. 

 

G.L.N. Prasad (Retired employee.)     20 July 2017

First thing first, file ITR within prescribed time.

RTI is not a remedy.  Through RTI you can get only the material form of record that is in control and custody of the Public Authority.  Even without this RTI, you can get your statement on demand as a consumer/depositor from the Bank.

Issue a Notice under CP Act to the concerned Bank, alleging deficiency of service on part of the Bank, claiming for reiumbursement of such interest, expenses, compensation of Rs.10,000/- for harassment..  If they fail to reverse the interest file complaint before District Consumer Forum.

The Limitation period for filing consumer complaint is 2 years from the date of cause of action.  The complaint filing is just formal and requires no expertise, and any common man with basic education can file such complaint.  The maximum costs may not amount to more than Rs.500/-

Banking Ombudsman is also the other way.  You can approach both Ombudsman and Consumer Forum and for filing such complaints, issue of notice is mandatory.  Once the Bank replies, depending on the version you can proceed further.

1 Like

GANDHI MOHAN BHARATI (Pensioner)     20 July 2017

I agree with Shri G.L.N. Prasad. Besides that file Income Tax Return showing the TDS deducted, as reflected in Form 26AS, and claim refund.

You can also complain to CIT (TDS) of your State.

If the TDS is not reflected in Form 26AS then you have to complain to CIT (TDS) for necessary action.

 

Navin Talati   27 July 2017

Advocate KK Sir, yes, it is a nationalised bank. i.e. Canara Bank


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