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05/12/2013 08:25pm

RBI directs banks to issue TDS certificate on time to customers

image RBI directs banks to issue TDS certificate on time to customers
Mumbai, Dec 5 (KNN) In order to enable customers to file income tax returns timely, the Reserve Bank of India has asked urban co-operative banks (UCBs) to provide their customers tax deduction at source (TDS) certificate on time.

"With a view to protecting the interests of depositors and for rendering better customer service, urban co-operative banks (UCBs) are advised to provide to their customers from whose deposit accounts income tax has been deducted at source, TDS Certificate in Form 16A," RBI said in a notification.

The RBI notification said, “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 in time.”

Earlier last month, RBI had advised the banks  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.

Tax Deducted at Source (TDS) is a means of collecting income tax in India, governed under the Indian Income Tax Act of 1961. It is managed by the Central Board for Direct Taxes (CBDT) and is a part of the Department of Revenue managed by Indian Revenue Service (IRS). It has a great importance while conducting Tax Audits. (KNN/SD)
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