wrong tds inspite of 15h form

216°
Benevolent
kukdookoo
a senior citizen with only interest income made fds in equitas bank and gave form 15h. no tds deducted for year 1. for year 2 they have deducted tds for few quarters but the amounts on which tds is deducted is totally wrong. the total tds deducted is about 5 lacs. even 10% of the interest value isnt anywhere close to this. asked branch to correct it but they didnt help.now they are mailing pno and nodal teams from past one week but no replies from them, not even auto replies that mail has been received. tried to raise issue on banking ombudsman website but it says to wait for a month. the person who files his return is asking to get this corrected otherwise it can cause unnecessary issues. where to complain about this?

@Rajkotian @Watcher @androgame @guest_999 @flash007


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Benevolent Benevolent
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raise on ombudsman and on step 3, choose you haven't made complaint in bank.

It will create a complaint on bank side, once that is closed or 30days passed, raised the complaint to ombudsman again.

Critic Critic
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He already made the complaint to PNO which should count as escalation assuming case was escalated through emails of nodal officer & pno mentioned here:

https://www.equitasbank.com/register-your-fe...ck
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Benevolent Benevolent
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Keep mailing customer care for 30 days either they solve it or anyway after 30 days rbi will take ur case and bank will rush to solve it

Benevolent Benevolent
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But back won't do anything about this before 31st july which is last date for itr. Does consumer forum take banking complain?
Deal Subedar Deal Subedar
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I don't understand.

Did they deduct wrong tds? Or the info is wrong?

Scenario 1:

They deducted 5 lacs as tds and the tds certificate issued by the bank and 26As, AIS of the IT dept is showing 5 Lacs as tds.

Scenario 2:

They deducted the required amount as tds but the tds certificate issued by the bank and 26As, AIS of the IT dept is showing 5 Lacs as tds.

Benevolent Benevolent
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I also don't understand how his giving 15H with interest amount way higher than 5L 
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Deal Lieutenant Deal Lieutenant
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Senior citizens are the soft target for banks.

They play with them fullest. I see maximum exploitation happening with them in banks.

Return of tds can be revised and corrections can be made easily but only if they have intention to do so.

Form 15 h  is meant to be submitted each year in the beginning of FY, i hope you have retained stamped photocopies as evidence.

Incase you are getting NO help. Without waiting write to ombudsman mentioning getting no help and threaten them that you will file FIR with regional police station for fraud.

P.s. :advice; suggest your uncle/aunt to distribute amount in multiple of 4lacs as SFBs are risky affairs for keeping this much amount (insurance coverage is 5lacs) and next year also they may again deduct TDS if he/she chooses to continue.

Benevolent Benevolent
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Does consumer forum listen to complaints related to banks?
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Deal Cadet Deal Cadet
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As a senior citizen , iam having FD in Equitas and also most of the small finance banks apart from many private banks. The trick is to keep only FD amount till the FD interest thrshhold does not cross 50k.  but even  if AU deduct tds   one can always get Refund from it by filing returns. . dowmload AIS .

Patron Patron
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Whether he submitted 15H form (dated from 01 April 2024) for this financial year or not? Also clarify whether PAN card is active and linked with Aadhar card? Anyway TDS amount seems to be on the higher side. Also share response received from home branch.

Deal Cadet Deal Cadet
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Bhai if you thing higher amount of tds deducted, just claim at time of filing the ITR. 

Benevolent Benevolent
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the difference is very very high, dont you think it will cause problems?
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Generous Generous
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Yes, we can expect an FD-wise TDS deduction from the Bank.

If they have deducted a very high TDS, then they must be accountable for that.

15G/H is supposed to be submitted every year FY I guess.

Deal Hunter Deal Hunter
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Really poor service by SFBs. 

Bank can't charge TDS if you submit 15H. It's banks fault if they deduct TDS erroneously.

You yourself raise complaint to Equitas SFB grievance cell https://www.equitasbank.com/grievance-redressal... . Also keep checking about your complaint in branch. Also DM them on X.com.

In case of RBI complaint , it's not advisable in your case as you need to file itr soon. RBI resolution will be belated. 

Last option is to claim TDS by filing ITR. I think it will not cause any issue as it is genuine case of tax refund for you. 

My suggestion: As you said NO , PNO , Physical Branch all are useless. So just file ITR & claim refund. It will be the best option as itr last date within a month.

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