How To Get TDS Certificate For ITR Filing Post HDFC Merger

HDFC Bank and Housing Development Finance Corporation (HDFC) have completed their merger, resulting in a unified entity effective from July 1, 2023. This merger brings forth certain implications for HDFC customers, particularly concerning the process of obtaining Tax Deducted at Source (TDS) certificates for filing income tax returns (ITR).

Now that the fiscal year 2022-23 ITR filing deadline is approaching on July 31, HDFC clients are a little concerned about how to obtain the necessary TDS certificate.

How will the merger affect the TDS deduction threshold limit?

We recognise that you might find this puzzling. We will submit TDS returns under two TANs during the first year after the merger. Two TDS certificates-one from HDFC Bank and the other from HDFC Ltd.-will be given to you. In each system, both certificates will be accessible. To make sure you have the essential records for your records, we will email it to you every three months.

What is the TDS threshold limit for HDFC customers post merger?

The current threshold limit for TDS deduction, set at Rs 5,000 for HDFC Ltd customers, is set to undergo a significant change following the merger. After the merger, the threshold limit will be increased to Rs 40,000 (Rs 50,000 for senior citizens) for all existing customers of HDFC Ltd. Additionally, the interest paid, reinvested, or accrued by both HDFC Bank and HDFC Ltd throughout the financial year will be considered in calculating the threshold limit of Rs 40,000 (Rs 50,000 for senior citizens).

What if HDFC Limited has previously deducted TDS in accordance with the prior threshold?

Customers of HDFC Ltd will experience a major change in the TDS deduction level, which would rise from Rs 5,000 to Rs 40,000 (Rs 50,000 for senior persons). In the event that TDS has already been deducted by HDFC Ltd based on the previous threshold of Rs 5,000 before the merger, it will be adjusted towards future TDS obligations for the Financial Year. However, if such adjustment is not feasible due to the absence of future TDS obligations, customers will need to claim credit while filing their tax returns using the TDS certificate issued. It is significant to highlight that HDFC Bank is unable to refund TDS monies that HDFC Ltd. legitimately withheld prior to the merger.

Form 15G/H submitted to HDFC Ltd

Customers of HDFC Limited who made FDs with HDFC Limited prior to the merger may complete Form 15 G/H. Customers must complete an additional Form G/H for any new FD they place after the merger, nevertheless. Existing customers of HDFC Ltd are still able to file Form 15 G/H for FD booked during the post-merger period using the present procedure and platform.