PAN NO Details not submitted to the bank

[RAJ KUMAR RAJKUMAR]

Sir,

My father is retired SBI employee. He has few deposits with State bank of india.He has not submitteed the PAN Details to the Bank.

Bank officials not enquired his details and on 31 st march they have deducted 20% IT as pan Details were not submitted.

what is the procedure to adopt. whether he can ask the bank to file the revised return or File the IT return and

pursue the matter with IT dept.

What are the other options.

Regards,

[Surender Gupta]

In case the bank agrees to revise the return and re-credit the excess amount, you may choose this step, but at this stage it appears as difficult.

Alternatively, the final choice is to claim refund by filing Income Tax refund.

[CAGOPALJI AGRAWAL]

Bank would not go into process of refund and you may claim the refund by filing ROI or refund claim.

AI Summary

Tax withholding on bank deposits: claim refund via income tax return when PAN absence caused higher withholding.
Failure to furnish PAN to a bank leads to higher tax withholding; the depositor may ask the bank to revise its withholding return and recredit excess tax, but more commonly must file an income tax return or a refund claim with the tax authorities to recover the excess withholding, since banks frequently will not process refunds themselves.