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HomeIndustriesImportant news regarding TDS claim! If the bank does not have...

Important news regarding TDS claim! If the bank does not have this document of yours, then there may be a problem in getting the return.

If the bank does not have the details of the PAN card of the taxpayer, then there may be problems in TDS claim. Apart from this, the details will also not be visible in Form 26AS claiming the credit.

Documents required for TDS claim

If you have not updated your PAN card details in the bank yet, then do this work soon. Because without this you may face problem in TDS claim. The bank can deduct TDS on your deposits at a higher rate of 20 per cent. Also, if PAN card details are not updated, your tax details will not be visible in Form 26AS for claiming TDS credit.

Since you have already paid TDS on interest income and if you fall in the lower tax bracket then you can claim for refund. Explain that the taxpayer has to show pre-tax, or gross, income in the ITR and the credit of the tax paid has to be taken separately. But in case of non-deposit of PAN card, “PAN not available” will appear in the TDS return filed by the bank.

Credit can be given on the basis of TBR

The taxpayer can use the Transaction-Based Report (TBR) issued to him by the deductor for getting the refund. On this basis you can also get credit. However, this may result in notice to the taxpayer as the TDS claimed in the Income Tax Return and the PAN card details will not show in Form 26AS, hence some problems may arise. In such a situation, a correction application form will also have to be filled.

Process to claim TDS refund

If TDS is deducted more than the tax liability, then you can claim refund by filing ITR. In this, you have to give the name of the bank and its IFSC code. If you do not have taxable income then you have to apply for lower or nil TDS certificate. Under this you have to fill Form 13. You have to submit this form to the TDS deductor. If you are not earning from the interest of the banks, then you will have to give this information under the 15G form. ITR refund is credited to your bank account within 3-6 months of filing ITR.

Also read: Will Air India, BPCL disinvestment be completed in the current financial year? DIPAM secretary gave this answer

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