Income Tax PAN Number Compulsory For Fixed Deposits

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By Mario Wilson Mathias
Syndicate Bank Moodubelle

Moodubelle, 04 May 2010: The banks have drawn the attention of the customers to Finance bill 1995 wherein amendments were made to the provisions relating to tax Deduction at source (TDS) from interest payable or paid on term deposits made with the Bank. Consequently, banks are now required to deduct tax at source from interest paid or payable on term deposits if it amounts to more than Rs.10,000 (Rs.15000 in case of Senior Citizens) in a financial year, that is from April to March.

Thus the banks have made production of Income Tax PAN Number compulsory along with 15H/G forms from this financial year 2010-11. The banks are not permitted to accept form 15G/H without the photograph of PAN card. Hence, the banks have made an appeal to the customers to apply for a PAN card if they are not having one already and submit a copy of the same to the Bank along with form 15G/H. If the customers fail to follow these instructions, the banks would be forced to deduct the tax at source (TDS) at the rate of 20 per cent and not at the rate of 10 per cent.

The banks have come forward to render their service in case the customers have any problem in getting the PAN cards. They can approach the banks in which they have their Fixed Deposits (FD) and get the assistance of the staff for applying for the PAN Card.


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Comments on this Article
Victor D Souza, Moodubelle / Doha Mon, May-3-2010, 2:54
Thanks to Mr. Mario Wilson Mathias, Syndicate Bank Moodubelle for the timely information. I am sure readers of Bellevision will make use of this important information and will make their pan cards well in time if already not made. Please do continue regularly with such informative reports and articles in Bellevision Mr. Mario, especially on any new Bank schemes, revision of deposit / loan interest rates, etc. which will be quite beneficial to all of us.
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