Bank has paid excess TDS : TDS deducted for a party who has given Tax Exemption Certificate was reversed by adjusting from the Interest to FD account. However, the system had deducted tax till then and that amount was not taken out from the TDS deducted account. The branch has paid TDS for that party also, although that amount is already credited to the customer. The customer has closed the FD and has no further accounts in the bank. How can Bank get refund for the amount?
Hello,
You will have to revise the relevant years TDS return in order to reverse the transaction.
For which assessment year is this transaction.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hi
The bank has to revise its TDS return for this purpose.
Please feel free to call/ revert in case you need more clarity
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hi,
You should revise your TDS returns and claim refund
Regards,
Keerthiga Padmanabhan
M.Com., CA, LLB
Hi,
Bank can get Refund of the TDS by applying for Refund through TDS-CPC portal.
Note: Refund may not be granted if the Account holder has claimed Refund in his IT Returns
