EXCESS TDS ON BANK DEPOSITS
This query is : Open
11 April 2021
I AM A IT PAYER.I HVAE SOME FDs IN A BANK.
I am a IT payer. Investment in Bank Term deposits. Recently Syndicate bank merged with Canara Bank.
Till Feb 2021 TDS on accrued interest payout was done on quarterly basis on the Qly date of deposit.
As usual they have deducted TDS in 1st Feb, 2021 i.e. on the Qly date of deposits.
To my surprise they once again deducted TDS on 31st March,2021 on accrued interest for two months.
All my deposits are to be matured with compound interest.
On enquiry it is told that this is due to some change in version of program.
Thus I am liable to pay next higher slab of Income Tax.
Please guide what shall I do?
UPENDRA PRABHU
I am a IT payer. Investment in Bank Term deposits. Recently Syndicate bank merged with Canara Bank.
Till Feb 2021 TDS on accrued interest payout was done on quarterly basis on the Qly date of deposit.
As usual they have deducted TDS in 1st Feb, 2021 i.e. on the Qly date of deposits.
To my surprise they once again deducted TDS on 31st March,2021 on accrued interest for two months.
All my deposits are to be matured with compound interest.
On enquiry it is told that this is due to some change in version of program.
Thus I am liable to pay next higher slab of Income Tax.
Please guide what shall I do?
UPENDRA PRABHU
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