TDS on Interest on FD received after death of Father

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  1. Er Utkarsh

    Er Utkarsh New Member


    I am an indian resident.My father has expired.there were some fixed deposits against his name.because of delay in some legal procedures still those fixed deposit accounts has not been transferred against my name.and TDS @20% is deducting from those accounts .as my father's pan no. was not updated with those account.
    My query is:
    Is there any way by which i can reduce the tds% from 20 to 10%.accounts will not be transferred against my name for upcoming 6 months.and i dont want my money to be wasted as 20%tds is deducting.
    Please suggest on that.

    2.My second query is that i have some fixed deposit against my name.and bank deducting the TDS regularly @10%.I am not earning yet.I am a i never file ITR.As i knw that TDS already i need to file ITR or NOT?if yes please suggest how can i file as already tds deducted by bank.please explain in detail.
  2. Amit Sahni

    Amit Sahni Active Member

    1. If you father has expired in this FY, you can furnish his pan card and bank will start deducting tax @10% and excess tds would be refunded on filing the income tax return.
    2. If your income is non taxable, you should furnish Form 15G to the bank and they will not deduct the tds on fd. To claim the tds that has already been deducted this year, you would be required to file the income tax return.
  3. Er Utkarsh

    Er Utkarsh New Member

    Hi Amit,
    Thanks for your valuable assistance.
    Regarding your ans for query 1:
    I want to clear one thing my father has expired in July 2013.can I update his pan number?

    2.regarding the second query bank people told me that interest on my FD account is more than any how they have to deduct tds on my interest please suggest on that.
  4. Amit Sahni

    Amit Sahni Active Member

    Even if the Interest paid to you is more than Rs. 10,000 - you can submit Form 15G and they will not deduct TDS.

    Just tell them that you want to submit Form 15G and they will guide you with everything.

    Regarding your 1st query - I'm not sure how it will happen as your father expired in the previous financial year.
    Er Utkarsh likes this.
  5. Er Utkarsh

    Er Utkarsh New Member

    Thank amit for your assistance.

    Utkarsh Tripathi
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