RBI directed to all Urban Co-operative Banks by its notification No. RBI/2013-14/401, UBD.CO.BPD.(PCB).Cir.No. 41/12.05.001/2013-14 December 5, 2013 regarding issuing of TDS Certificate to Customers. Detail notification is as under:
RBI/2013-14/401
UBD.CO.BPD.(PCB).Cir.No. 41/12.05.001/2013-14
UBD.CO.BPD.(PCB).Cir.No. 41/12.05.001/2013-14
December 5, 2013
To,
The Chief Executive Officer
All Urban Co-operative Banks
All Urban Co-operative Banks
Dear Sir / Madam,
Timely Issue of TDS Certificate to Customers
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.
2. 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.
UCBs are also advised to put in place a system that will enable them to
provide Form 16A to their customers within the time-frame prescribed
under the Income Tax Rules.
3. This advice is issued under Section 36 (1) (a) of the
Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)
(10 of 1949).
Yours faithfully,
(Scenta Joy)
Deputy General Manager
Deputy General Manager
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