IT Returns - Claiming TDS Refund on FD Interest

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kidrow

kidrow

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Hi, So I'm trying to file belated IT returns on behalf of my mom who is a pensioner for the financial year 2013-14 (Assessment year 2014-15). (I believe that's the farthest back one can go for returns filed by 31st March 2016).

Apart from her pension, she received proceeds from her Fixed Deposits upon maturity in March 2014.

Upon viewing her Form 26AS, I noticed that the TDS has been deducted partly in financial year 2013-14 & partly in 2012-13 (FY), for the corresponding interest accrued during those periods.

So for claiming a refund of the TDS, can I mention both the financial years' TDS figures? Or is it that only the latter/latest one that has been deducted in the financial year 2013-14 will qualify for refund.

So for more clarity, say the FD amount was 3,00,000 & upon maturity in March 2014, the interest earned was 50,000 (total proceeds = 3,50,000). Now say form 26AS shows TDS deducted as 2,000 (interest being 20,000) deducted in fy 2012-13 & 3,000 (interest being 30,000) in fy 2013-14. Can TDS refund be claimed for 5,000 or 3,000 alone?

I initially assumed that the entire interest earned over the period of the FD as well as the TDS on the same would need to be accounted for upon maturity. But now I'm having my doubts. Please help.

PS - No IT return has been filed for the previous year, viz. Asst yr. 2013-14 (fy 2012-13).

Thanks for your time.
 
If you can file return for year when that 2000 was deducted, you would get them else you would get only 3000 back. Interest earned in different financial years is normally split and taxed accordingly.
 
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vyral_143 said:
If you can file return for year when that 2000 was deducted, you would get them else you would get only 3000 back. Interest earned in different financial years is normally split and taxed accordingly.
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Hey thanks. No, I don't think I can file returns for the year in which the 2000 was deducted since it's beyond two years. (From all the googling that I've done, it seems only returns up to 2 previous years can be filed - so up to FY 13-14 as of 31/3/16. Else, one's return may be rejected & also one runs the risk of attracting penalty).

Is there any harm in mentioning both the amounts (2000 & 3000), as the form (ITR1) has columns for mentioning the year in which TDS was deducted? In other words, will the entire return be rejected on the basis of any invalid TDS claim, or will only the refund amount that they deem is due be refunded while ignoring the incorrect part?

Again, thanks for your time.
 
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