TRACES - Reminder for raising Flag "B" in TDS Quarterly Statements against 15G/H Forms for FY 2013-14

CPC (TDS) reminder for raising Flag "B" in TDS Quarterly Statements against 15G/H Forms for FY 2013-14

           

Communication Number 65 dated 06th August, 2014

As you may be aware that the depositors submit form 15G/H to the bank for no deduction of tax to be made on the interest payments made to them.

However, it has been observed in your case that you have not raised Flag 'B'(No deduction on account of 15G/H) even against a single transaction as reported in the TDS Statement(s)(Form 26Q) submitted for various quarters of Financial Year 2013-14.

It is highly improbable that not even a single depositor has submitted form 15G/H to you for non-deduction of tax on the interest payments. Accordingly, you are advised to take the following action:

Actions to be taken:

·         Check the details of 15G/H cases from your source data.

·         Download the Conso File from our portal. Please use the e-tutorial for necessary help.

·         Prepare the correction statement with appropriate changes. Please ensure that the TDS Deposited amount equals the TDS Deducted amount in your correction statement.

·         Submit the Correction Statement at TIN Facilitation Centre.

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Source: TRACES.