As you are aware banks are not required to deduct TDS (Tax Deduct at Source) from depositors who submit declaration in Form 15-G / or 15-H under Income Tax Rules, 1962.
However, it has been brought to our notice that despite submission of Form 15-G / or 15-H by bank customers, banks are TDS source, at times, causing inconvenience to customers resulting in a number of complaints.
Such instances arise because either the forms are misplaced or a track is not kept of forms received in the branches.
The matter has been examined by us in consultation with Indian Banks' Association (IBA). With a view to protect interest of the depositors and for rendering better customer service, banks are advised to give an acknowledgment at the time of receipt of Form 15-G / or 15-H.
This will help in building a system of accountability & customers will not be put to inconvenience due to any omission on part of the banks.
Source: CIRCULAR DBOD.NO.LEG.BC.100/09.07.005/2012-13, DATED 31-5-2013
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