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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Jul 22, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Asked by Anonymous - Jul 21, 2023Hindi

Bank had auctioned the property of the partnership firm in March,2014, the account of which was declared NPA and possession was with the bank. The auction was challenged in DRT and DRAT and I had to withdraw the case in June 2019. TDS @ 1% amounting to Rs. 266000 was not deposited by the auction purchaser . Instead bank debited this amount to my account without my consent and deposited the TDS in 2016 . Bank wrongly mentioned purchaser pan no. while filling the challan and as such the deduction was not shown in my account. Inspite of repeated request the necessary correction has not got done by the bank. I am deprived of the refund of this amount from the Income tax I am filling the returns with nil income but the TDS is not refunded. what steps can be taken by me

Ans: you can write a letter explaining the situation and address this letter to Head office - legal team of the bank. If you get suitable reply to your satisfaction, else, you can escalate under the RTI act to authorized officer of the bank and side by side write to Central Board of Direct taxes under copy to the concern Income - tax officer who handles your case.

The authorities may direct to take suitable alterations in this regards to the concern.

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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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.

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Ans: If TDS is deducted and there was delay in depositing TDS, said TDS amount cannot be recovered from deductee. There are some judicial pronouncements for the same which provides relief to taxpayer (deductee). But in given case, I understand that it is not case of delay but amount credited in different year.

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