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Anil

Anil Rego  |340 Answers  |Ask -

Financial Planner - Answered on Aug 25, 2021

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more
K Question by K on Aug 25, 2021Hindi
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The bank auctioned our factory for Rs 3 crore and the auction purchaser paid the amount to the bank which was credited in our account. The bank debited TDS @ 1 per cent from our account and deposited the same online by filling challan no ITNS 280 under major head 0021 and minor head 800.

The bank did not provide Form 16 B nor is the TDS is appearing in the income tax site of the firm. In spite of asking many times, the bank did not supply a copy of the Form 26 QB.

On filing an RTI, it is now revealed from the copy of the Form 26 QB filed by the bank that they have mentioned the name, address and Pan No of the purchaser and, for the seller, mentioned the particulars of the bank.

My Pan No or name and address of the firm is not mentioned.

Please guide as to what should be done so that the credit of the TDS deducted from my account appears in our income tax site.

Thanking you in advance.

Ans: The bank becomes to owner of a property under the Sarfaesi Act, hence the bank is liable to pay the tax.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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