TDS ON INTEREST ON FIX DEPOSIT

POSTED BY RAKESH KUMAR GOEL ON May 14, 2013 4:23 pm COMMENTS (9)

I HAVE FIXED DEPOSITS of Rs. Three Lac each IN THREE BANKS.1-Tamilnadu Mercantile Bank,2-Central Bank and 3-ICICI Bank.TDS Deducted by TMB and CBI is reflecting in my Tax Credit form 26A but no amount is reflecting as deducted by ICICI Bank.How so.Is there different system in all the banks.

 

Thanks.

9 replies on this article “TDS ON INTEREST ON FIX DEPOSIT”

  1. Dear Rakesh, it’s the fault of ICICI people so you should complain there itself.

    Thanks

    Ashal

  2. RAKESH KUMAR GOEL says:

    Dear Ashal. What should I do now to keep my Form 26AS Updated with interest from ICICI Bank.Should I make complaint of ICICI Official. Please suggest.

    Thanks.

    1. RAKESH KUMAR GOEL says:

      Dear Ashal, What should I do so that I could got my TDS in form 26AS.

      Thanks,

      Rakesh Goel

  3. Dear Rakesh, in all probability, there is a wrong entry for your TDS into someone esle’s PAN. That’s why it’s not available in your 26AS.

    As far as I know there is no such issue from CBDT.

    Thanks

    Ashal

  4. RAKESH KUMAR GOEL says:

    Dear Ashal, I have got TDS details from ICICI Bank. They have deducted 3200 as TDS during F.Y.2012-13.But amount is not reflecting in Form 26AS. When asked, ICICI executive informed that they have deposited the tax in Income Tax,but there is some issue with CBDT, so it is not reflecting in form 26AS. When asked about issue and time for resolution,they told that when CBDT will solve the issue, it will be reflecting in form 26AS.

    Is it true that CBDT will resolve the issue.

    Thanks,

    Rakesh Goel

  5. bemoneyaware says:

    As you mentioned interest is more than 10,000 Rs , then TDS should be cut.
    Why is it not showing in Form 26AS is a question that needs to be answered because CPC only considers the TDS which appears in Form 26AS.
    As Ashal has pointed out, please check with the ICICI branch, is PAN number , details are in order etc.

  6. bemoneyaware says:

    Rakesh,
    some facts about TDS on Fixed Deposits are as follows :

    TDS is deducted every time the interest earned for the financial year in the bank is more than Rs 10,000 in a single branch, whether it is paid or not.

    The bank will deduct TDS at the flat rate of 10% if you have provided your PAN details.If PAN details have not been provided TDS shall be deducted at the rate of 20% .

    A consolidated TDS Certificate in Form 16A, for TDS deducted during a financial year will be issued in the month of April of the following financial year. It would also be reflected in your form 26AS.
    Our article FAQ on Tax and Fixed Deposits covers this topic in detail.

    So is your interest amount in ICICI Bank more than 10,000? If not then TDS will not be deducted.

  7. Dear Rakesh, there may be a delay from ICICI in filing the TDS return & that could be the possible reason for this thing. You may check with your Branch for the same.

    Thanks

    Ashal

    1. RAKESH KUMAR GOEL says:

      Dear Ashal, I have got TDS details from ICICI Bank. They have deducted 3200 as TDS during F.Y.2012-13.But amount is not reflecting in Form 26AS. When asked, ICICI executive informed that they have deposited the tax in Income Tax,but there is some issue with CBDT, so it is not reflecting in form 26AS. When asked about issue and time for resolution,they told that when CBDT will solve the issue, it will be reflecting in form 26AS.

      Is it true that CBDT will resolve the issue.

      Thanks,

      Rakesh Goel

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