My father was holding fixed deposits in joint name with me. Mode of holding as Either or Survivor. The fixed deposits will mature in the year 2021. My father was a senior citizen and was getting the benefit of extra rate. What about the deduction of TDS by bank in case of fixed deposit continued till maturity after the death of first holder who is a senior citizen and deposit is continued by a second holder senior citizen. Now he died in dec-2016 and I want to continue the fixed deposit till maturity and the bank also said tha the deposits can be continued till maturity. But I want to know that can bank Update my PAN no. for the purpose of TAX liability and deduction of TDS. If not then how can I claim the TDS deducted in my father’s name the coming years as I cannot file his return from a current financial year since he is no more? though I will show the income from the said deposits in my ITR. I want to know how can I prevent TDS in the name of my father. Kindly advise.
Whether they deduct the TDS in your father’s name or they take your PAN and deduct in your name, it is the responsibility of YOU to show this income in your IT return and file tax as per your tax slab. The responsibility of filing the IT return or claiming the TDS of the deceased person is purely with legal heir. You can do that.
Sir my father her died in dec 2016, so I can file his ITR after registering as legal heir of my father and claim TDS refund for the financial year 2016-17.
But what if bank does not update my PAN number and continue to deduct TDS in my father’s name till maturity of deposit i. e upto financial year 2020-2021, then Can I file my father’s ITR for the coming financial years till 2021 and claim refund of TDS OR their is some other procedure or Can I file form 15 H for TDS exemption on behalf of my father.
Why you wait of Bank to act? Why can’t go and update the same??
Bank says they cannot change the Pan no.
I went to the bank and they said they cannot chamge the pan number and will continue to deduct TDS in the name of my late father a till maturity
Then let them deduct TDS, you can claim it by filing on behalf of your father.
But can I file ITR on behalf of my father for the coming financial years till 2020-2021 even when he has died in dec 2016