Bank has Sent Msg , will deduct 20% Tax ? Lets Do it Now to Save Tax

You may be a salaried employee, pensioner or a citizen of India but your account is in the bank.  The message  received from the bank and it should be followed in letter and spirit otherwise they will cut 20% TDS .  So, follow the instructions as mentioned in the msg immediately.  This kind of messages are sent by some banks to their customers that’s why I am narrating here.  You are a customer of a bank so let me describe this message first and what you have to do I will explain all those things in today’s article.

You are seeing this kind of message is sent by a bank may be from PNB may be from other banks may be from other banks but what has been sent to your customer you are seeing.  This is all about your PAN Card  and your PAN is not linked with Aadhaar  and as a result, TDS if any will be deducted at the rate of 20%.  So,  kindly link your PAN with Aadhaar and inform it to the branch.  The bank has given such a message to its customer that your PAN is not linked with Aadhaar  as a result  TDS is applicable on you will be deducted at the rate of 20% from your account.

 You should know on what does the bank deduct TDS if you have a deposit in the bank and those who are younger than 60 years and you are getting more than 40,000 rupees on your deposit above that interest then TDS is applicable at rate of 10%  and in the same way those who are more than 60 years if their interest on their deposit is 50,000 rupees or more.

In the financial year which is from 1st April to 31st March if they get so much interest on their small savings deposit then 10% TDS is deducted on that but if your PAN and Aadhaar is not linked then 20% TDS will be deducted and the big thing is if it is less than 40,000 then also it will not be deducted on this condition, more over if  it is above 40,000 if you have given 15G and 15H form in the bank but friends if your Aadhaar and pen is not linked in the bank then you can’t fill 15G and 15H so in this case your TDS deduction is fixed.  And let me tell you that TDS comes back after filing ITR.  If you are not applicable but if your PAN is inactive or inoperative  and is not linked with Aadhaar then also you can’t file ITR and you can’t get return from ITR.

So friends what you have to do if you have got this message first of all  do the need full as required and described above i.e linking of PAN and Aadhar.  When I told them that your Aadhaar with PAN is not linked then they also told me that they got their Aadhaar PAN linked still they got this message from the bank.  In this case let me tell you even though they got their Aadhaar PAN linked when I asked them that when did you link then they told me we have deposited with 1000 rupee chalan and 100-200 rupee CSC fees so we gave that there and got our Aadhaar PAN linked.

But what happened friends they got it linked there but before that their PAN was inactive so it was also in the bank when it was inactive then it was delinked now.  What happened after this they got their Aadhaar PAN linked there but didn’t inform to the bank that they have got their Aadhaar PAN  linked.

You have to inform them that please make our PAN status active with the account so friends first of all what you have to do let me tell you first of all you have to check whether your Aadhaar PAN is linked.  How will they check ?    They need to open it in mobile / desktop and open your google chrome now when you open google chrome you have to simply type income tax india.

Income tax india official website will be at the top and you have to click on it income tax india incometax.gov.in and you have to click on it and open its website.   Let me do it in english now when like this the website will open then you will see like this now what you have to do first of all link Aadhaar status you have to go there as soon as you click on link Aadhaar status.  This kind of page will open link Aadhaar status here you have to enter some details .  You have to put your pen PAN number and here you have to put Aadhaar number and after this view link Aadhaar status.  So you will find your Aadhar PAN is already linked . 

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