Kollipara sundaraiah asked 12 months ago
One of the person fd investment in bank form 15 g submitted to bank .but bank tds deducted on fd interest income every year it returns filed refund claim person.
Question:
Bank tds non deducted on fd interest income any remedy and any other option
Sunil answered 12 months ago
Please note that:-
- Form 15G is a self-declaration form that an individual or HUF can fill out to seek non-deduction of TDS on specific income if the annual income of the assessee is less than the exception limit.
- Form 15G can be submitted by individuals only who are under the age of 60 years or HUF. For any individual over the age of 60 years, they will have to fill out Form 15H.
- To avail of the benefits, the declaration Form 15G has to be submitted before the end of the first quarter o the financial year since TDS is deducted during each quarter. If the form is not submitted in time, the TDS will get deducted, and one needs to submit refund claim by filing ITR.
- Form 15G can be filled in only by a resident of India for the applicable financial year.
If any of above is not satisfied or if there is delay in submission of form 15G then tds is deducted by payee/bank. In that case, you have to file income tax return to claim refund of deducted tax.
If all condition complied and form 15G is timely submitted and your annual income is less than basic exemption limit BUT if bank still deducted tds from your interest. Then also you have to file ITR to claim refund. But you can take up the matter to branch manager ao that your form 15G is accepted and no tds deducted in next year.