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Bhupendra Patel (Retired)     31 July 2010

TDS by Bank...

A Bank has deducted TDS from my Interest income during the year 2009-2010 (AY-10-11) but has not filed Return for the same. As a result the deducted tax does not appear on my IT deducted details on Net. I have filed my Return and in case IT Authorities come up with a demand for tax payment for the interest income, what should I do. The Bank has iisued TDS certificate for the TDS deducted.

In such situation what is the way out ? How can I avoid such embarrashin situation for which I am not responsible.  

Bhupendra Patel

M-9099984976.



Learning

 2 Replies

Vineet (Director)     31 July 2010

As per provisions of section 205 of the Act, where TDS is deductible at source under the provisions of Act, the assessee can not be called upon to pay the tax himself to the extent of which tax has been deducted from that income.

 

However, you will not get any refund and demand will continue in your name till the credit is allowed to you for TDS. So the only way out is to request the bank to revise its e TDS return and correct your PAN details.

SANJAY JOIL (LAW STUDENT)     28 August 2010

If it is a Nationalized  Bank,  it is supposed to file E-TDS ( electronic TDS)  . In your case, the IT dept, must have sent similar error notice to the Bank. Just Ask the bank the receipt number of etds  (15 digit)  of the quarter containing your tds   and challan No. through which  they have deposited the tds to the tax authority.

 

Show these details to the  IT Authority  ...  

 

Further, you can  contact  consumer court  (at least  threaten the bank )  for not tendering/depositing the tax to IT Dept and causing harassment to you.    HOWEVER,  RECEIPT NO. AND CHALLAN NO. CAN SOLVE YOUR PROBLEM.


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