Explanation about Sec 194A(5) Income Tax Act 1961
Kumar Krishan Agarwal Advocate
(Querist) 17 September 2010
This query is : Open
Dear Ld Counsel,
1. I have got an F.D interest cut by the Bank while I have submitted the 15G Form in Feb 2010 for the assessment year of 2010-2011. Now for the assessment year of 2011-2012 I'll have to submit the form 15 G in the month of Feb 2011 before closing the current fiscal year.
2. The Bank says your F.D interest goes above rs 10000/- ( i.e FD Interest got from April 2010 to August 2010 is greater than 10000/-) and that why the Bank deducted in month of September 2010 while I told them (bank) that the Income tax of this current year will have to be counted and submitted thru 15G before March 2011. Not in the middle of the current fiscal year.
3. Now I want the TDS amount back because the bank has not send the TDs to Income tax department before the March 2011 and cannot be possible to provide the TDS certificate before 1 April 2011 to me.
4. So I struck in sec 194A(5) meaning in the sense that may be the bank has power to reduce/change the deduct amount or revert back the TDS deducted amount to its customer if wrongfully deducted i.e according to this sec 194A(5).
