Answer

ITR

Bank FD TDS not visible in Form 26AS

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  1. Facts

    Banks file TDS statements quarterly, and some delay or errors happen. For joint FDs, TDS usually shows only against the first holder's PAN. Ask the bank to check the filing and PAN.

  2. Provisions and law

    • Sec 194A (now Sec 393)TDS on interest other than on securities, such as fixed deposit interest
    • Sec 199, Income-tax Act 1961TDS deducted and paid to the government is treated as tax paid on your behalf and credited as per the Rules
    • Sec 200(3) (now Sec 397(3)(b))Deductors must file quarterly TDS statements and can file correction statements

  3. Analysis

    Under Sec 194A (now Sec 393), banks deduct TDS on FD interest above the threshold. If you are the second holder in a joint FD, the TDS and interest appear for the first holder, who should report and claim them. If you are the first holder, ask the branch for the TDS certificate from TRACES and the quarter of filing. If the bank corrects late, rectify your return.

  4. Conclusion

    1. Check whether you are the first holder of the FD.
    2. Ask the bank for a TRACES TDS certificate and the filing quarter.
    3. Request a correction if your PAN was missed.
    4. Rectify your return once credit appears.

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