TDS on [email protected]%

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  1. Shubham Bhardwaj

    Shubham Bhardwaj New Member

    Dear Sir,
    My case is also in the same boat. My bank has deducted TDS twice i.e., @20% & @10%. TDS deducted @10% is shown in my 26AS as PAN is updated with my banker but the earlier one is not shown in 26AS , however the banker has issued the Tax Deduction Certificate from their own side mentioning therein TDS deducted @ 20%..

    In one of ur post for the same kind of query U mentioned that deductee need to update the PAN no. to the Banker & the same will be ALLOCATED. (plz clarify the meaning). also until & unless if TDS deducted is not reflected in my account then how can I claim TDS redund.

    Answer on urgent basis.
     
  2. ZED

    ZED Well-Known Member

    I believe the query is directed to Karan Sir,but since you require answer on urgent basis I present my view for your consideration.

    Bank needs to give information to the tax department in the form of TDS return. If Tax is deducted as per normal provisions (other than under section 206AA) then PAN is mentioned in the return and this entry will reflect in form 26AS , the tax credit statement.
    If there is no PAN allocated then the tax credit can not be given to the deductee.

    Therefore , you need to give the PAN to the deductor with all other details including the details of previous tax deduction. Once it is submitted to the deductor, the deductor will revise the TDS return so that the tax credit can be availed by the PAN holder.


    It would be a lengthy procedure, you will have to submit all the proof to the AO and he might ask you to fill an affidavit.
    Revision of TDS return is much much better option.
     
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