Case AQ - Dear Mr. Dutta, I have filed ITR-1 for Assessment Year 2013-14 in which I have shown the bank interest. However, my PAN was not updated in the bank records - as a result, the bank deducted 20% TDS on the interest. The interested deducted in that year was reflected in Form 26AS. But, on the basis of TDS statement given by the bank, I have shown the bank interest and the TDS deducted in my income tax filing. Now, the Income Tax Department has sent a demand notice without considering the 20% TDS deducted by the bank. I have approached the concerned bank to file a revised return and get my TDS (deducted) updated on Form 26AS. However, the bank is not taking any action despite repeated requests. Please guide me what to do? Solution - By Amlan Dutta +kanika vij ....you are interpreting things wrongly ....bank has deducted 20 % correctly in absence of PAN and you have also taken correctly the entire TDS credit as taxes paid . There is no question of the assessing officer asking for demand this deducted tax , if it forms a part of your 26 AS and is therefore a part of your tax credit statement ....understand one thing , say your income is 5 lacs and you tax due is 30000 Rs ...say bank has deducted 15000 Rs , wen you reflect this in your return , what it means is that you have taken credit of the taxed paid by you in terms of TDS that has happened ...ask your self whether you have taken wrong credit ---No nah , then why will assessing officer disallow it ....in your case , bank will not revise ---why should it revise -- you will take credit of what bank has deducted and then pay tax /get refund as per liability ...if you have difficulty understanding this call me up at 0 9 1 6 7 0 0 2 3 2 7 ....also check my work at facebook/filingreturnsonline
Posted on: Sun, 24 Aug 2014 11:44:51 +0000
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