I always appreciate the help provided here.
I have a query regarding the income from other sources(bank FDs).
I have a salary account with a private bank.
I gave my PAN number while opening the account, but somehow bank has updated it incorrectly. There is a one letter mismatch in the PAN number.
1. I want to ask, what will happen to the TDS which is deducted by a bank for the interest on FDs(FDs which I have made in the bank)?
2. Am I right in saying that this TDS will not be reflected in my “Form 26AS”?
3. Is it also true that income tax dept will NOT come to know about the income by these FDs and also the TDS that is deducted by the bank on the interest earned on these FDs?
4. I want to ask if there is any repercussions about it ? What will be the implication as far as the income tax dept is concerned?
Awaiting your valuable response.
Thanks very much.
Thanks for the response.
Just a small query about it.
In my case, bank is deducting 10% TDS on the interest earned on FDs. I come in 30% tax bracket. As my PAN is wrong with bank, the income and TDS, both are not shown in Form26AS. I do not have to pay extra 20% tax on this interest income because it is not updated in form26AS.
If I update the PAN in my bank account, both income and TDS will start showing in Form26AS correctly. And then I have to pay extra 20% tax on this income earned by interest. So, won’t it will be a loss of 20% tax for me ?