RBI instructs banks to issue TDS certificates within time to Customers

We often get to listen from our clients, that they have not received TDS certificate from the bank or the TDS deducted is not reflecting on the Income Tax Department (NSDL) Form 26AS.  We as a consultants did not had any clear answer to downloadthis problem, would always requested clients to ask their Banks  for TDS Certificate or for timely filing of TDS returns.   Now, RBI instructs banks to issue TDS certificates within time to Customers, this should help helpless assessee.

 The full circular is reproduced below:

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).

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