[aaykarbhavan] RBI asks banks to provide TDS certificates in time to their customers

TIMELY ISSUE OF TDS CERTIFICATE TO CUSTOMERS

CIRCULAR DBOD.NO. LEG.BC.65/09.07.005/2013-14, DATED 6-11-2013

It has been brought to our notice that, some banks are not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing income-tax returns timely.

2. The matter has been examined and with a view to protect interest of the depositors and for rendering better customer service, banks are advised to provide to their customers from whose income tax has been deducted at source, TDS Certificate in Form 16A. Banks are advised to put in place systems that will enable them to provide Form 16A to the customers within the time-frame prescribed under the Income Tax Rules. Banks should avoid waiting till the last moment.

3. This advice is issued under section 36(1)(a) of the Banking Regulation Act, 1949 (10 of 1949).

 

Regards

Prarthana Jalan

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