By 121 News
Chandigarh 03rd March:- We had recently surveyed a few branches of different banks and observed that the Tax Deduction at Source (TDS) on interest income on several crores of Fixed Deposits, have been over looked by the deductors. This was stated by Y K Singh, IRS, Income Tax Commissioner (TDS-1), Chandigarh in the meeting held with Bank Heads of North Zone organised by PHD Chamber of Commerce and Industry in association with the Department of Income Tax here today.
More than sixty senior executives from 40 different Nationalised and Private Banks from across the Northern Region including Chandigarh, Punjab and J&K attended the meeting.
Y K Singh further informed that the Department wants to create a congenial environment and relationship with the Banks so as to ensure proper tax deduction at source and avoid penal provisions and prosecution. He advised Banks to deduct tax in cases where the depositors have submitted Form 15G and the interest income exceeds the basic exemption limit.
He asked the Senior Executives to advise their branch heads to come out with all details of the significant deposits where 15G/H Form have been accepted and total income of declaring exceeds tax exemption limit. He urged the banks to quantify such amounts of TDS & deposit within two weeks.
Dr. Praveen Rathee, Regional Director, PHD Chamber, Chandigarh while addressing the Bankers informed that as PHD Chamber acts like a catalyst in the promotion of industry, trade and business, hence it becomes our responsibility to sensitise the stakeholders on important issues like Taxation in general and TDS in specific.
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