Time Period For Claiming TDS Refund On FD Interest Post FD Maturity

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  1. kidrow

    kidrow New Member

    Hi all,

    So I'm trying to file belated IT returns on behalf of my mom who is a pensioner for the financial year 2013-14 (Assessment year 2014-15). (I believe that's the farthest back one can go for returns filed by 31st March 2016).

    Apart from her pension, she received proceeds from her Fixed Deposits upon maturity in March 2014.

    Upon viewing her Form 26AS, I noticed that the TDS has been deducted partly in financial year 2013-14 & partly in 2012-13 (FY), for the corresponding interest accrued during those periods.

    1. So for claiming a refund of the TDS, can I mention both the financial years' TDS figures? Or is it that only the latter/latest one that has been deducted in the financial year 2013-14 will qualify for refund?

    So for more clarity, say the FD amount was 3,00,000 & upon maturity in March 2014, the interest earned was 50,000 (total proceeds = 3,50,000). Now say form 26AS shows TDS deducted as 2,000 (interest being 20,000) deducted in fy 2012-13 & 3,000 (interest being 30,000) in fy 2013-14. Can TDS refund be claimed for 5,000 or for 3,000 alone?

    2. Is there any harm in showing total interest income & TDS for entire maturity amount in the current return, whether or not it is acceptable to the IT authorities? Won't they simply issue the refund based on the amount they feel is valid/eligible for refund?

    3. Also, can TDS refund be claimed, in this same return, for an FD that has matured in fy 2012-13, if no IT return has been filed for the Asst yr. 2013-14 (fy 2012-13) & consequently no TDS refund for the same has yet been claimed? (Of course, I would show the corresponding interest income from the same as well).

    I initially assumed that the entire interest earned over the period of the FD as well as the TDS on the same would need to be accounted for upon maturity. But now I'm having my doubts. Please help.

    PS - No IT return has been filed for the previous year, viz. Asst yr. 2013-14 (fy 2012-13).

    Thanks for your time. Much appreciated.
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