Sample Letter to Bank regarding TDS recovered from interest in Fixed Deposit Accounts


Banks recover TDS from our fixed deposits. They are to give the details of the TDS thus recovered or we have to get it for properly calculating our Income Tax liability and remit advance tax, final tax and submit IT return correctly. Hence it is imperative to get the interest credited and TDS recovered details from bank. This article is a sample letter to a bank regarding TDS recovered from interest in fixed deposit accounts.

Introduction

TDS or Tax Deducted at Source is basic important information to arrive at the net income tax payable on one's income before close of a financial year. Banks deduct tax at source on the fixed deposits kept with them on those accounts eligible for TDS.

While the mandatory tax deducted at source is at the lowest slab rate of income tax, the income earned by a person from all sources may exceed the slab of minimum rate. The additional amount of tax has to be paid by the tax payer.

Need to get details from bank on TDS

The TDS details are now available online in the income tax site and also from the link given in bank web sites for registered customers. However there can occur discrepancies or delays. In that situations a bank account holder needs to take up with bank a written request seeking details.

A sample Letter to bank regarding TDS recovered from Interest in one's Fixed Deposit accounts is given below.

Sample letter to bank regarding TDS recovered from interest in fixed deposit accounts




From
(name and address of sender)

To
The Branch Manager
----Bank
----Branch
(Name & address of the bank)

Dear Sir,
Ref: My Fixed deposit accounts kept with your branch: Request for TDS details

I am having the following detailed term deposits in your branch.

Sl.no: Deposit a/c no:
1.
2.
3.
4.
I need the details of the Tax Deducted at Source (TDS) on these deposits for the last three calendar quarters ending June and September . I have tried to take the details from online system, but could not get it as the facility is not working, and an error message comes.

I need the details to plan and prepare for remitting my income tax advance amount correctly. I find some mismatch on comparing with the credit from income tax department online facility.

Kindly give me the full TDS details as required at the earliest.

Thanking you

Yours faithfully
(signature)
Date:


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