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
(name and address of sender)
The Branch Manager
(Name & address of the bank)
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:
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.