Tax deducted at source for fd
ASHOK KUMAR
(Querist) 05 October 2012
This query is : Resolved
My mother had 5 FD of One lakh each with Network 18 for a period of one year with nominations of her four children for each one lakh FD and one Fd of one lakh with self nimination.The FD was to mature on Feb 2012. My mother passed away in on June 2011.I have written to Network 18 that my mother has expired and that they should pay the FD in the respective nominees names.They have done so and when asked about the tax deducted at source certificate they informed me that the same will be sent in the month of May-June.
When I reminded them in June they sent the Certifcate in the name of my dead mothers name.Firstly my mother is a senior citizen and also was a House wife with no earnings Actually no TDS should have been deducted from her interest income
Now the question is the company has deducted the tax from each of the nominees but refusing to give the Tax deducted at source cert in each of the nominees names.Kindly advise what we can do since all the nominees are tax payers and are unable to take the benefit of the TDS.Thanks in advance.Ashok Kumar.
Sanjeev
(Expert) 05 October 2012
The tax deduction made by the company is correct and this could have been avoided if your mother would have submitted form 15G or 15H but that is of no use now.
You need to claim back the tax deducted from the Interest by filing a return of Income of your mother and this can be filed by any one of you as a legal representative.
Hemant Agarwal
(Expert) 07 October 2012
Correct advise by Adv. Sanjeev.
However, here the lacunae is the TDS amount refund cheque (by the I.Tax Dept.) again will be issued ONLY in the name of the deceased person and not in any other name.
Keep Smiling .... Hemant Agarwal
prabhakar singh
(Expert) 07 October 2012
To coup with problem you would need succession certificate too.
When mother is no more and is dead and disclosed refund cheque can not and should not be issued in name of a deceased by IT department.They can issue the cheque in your name against indemnity bond also without asking for succession.
All depends how you pursue there?
R.V.RAO
(Expert) 21 February 2014
yes.
as representative assessee, the IT return may be filed for refund of TDS.
after assessing the IT return ,the IT DEPT.may issue REFUND cheque against affidavit/indemnity ,DEATH CERT,LEGAL HEIR CERT. NOC from other legal heirs ,but not succession cert.
