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.
- 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.
Source- Communication from CPC (TDS)