Timely Issue of TDS Certificate to Customers RBI directed to All Banks.

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

December 5, 2013

To,

The Chief Executive Officer
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