RBI directs banks to issue form 16A ontime

Reserve bank of India directed banks to issue form 16A TDS certificate on time to the customers. This is the proof of TDS deduction and assessee can file their return claiming refund if their total earnings below threshold limit. If not, still Form 16A is very important paper for filing income tax return.

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).
Tags- form 16a, tds form 16a
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