RBI asks urban co-operative banks to provide TDS certificate to customers on time

RBI directed urban co-operative banks to provide their customers tax deduction at source certificate on time to enable timely filing of income tax returns.

MUMBAI: Reserve Bank of India directed urban co-operative banks to provide their customers tax deduction at source (TDS) certificate on time to enable timely filing of income tax returns.

"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.

RBI said it was brought to its notice that some banks were not providing TDS certificate along with Form 16A to their customers in time and it was causing inconvenience to customers in filing income-tax returns on time.

RBI further advised the UCBs 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.
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