TDS is deducted whenever the Bank pays/ re-invests interest during the financial year in accordance with the provisions of Income Tax Act as amended from time to time. Banks also deduct TDS on unpaid interest accrued at the end of financial year viz. 31st March.
Banks are required to issue TDS Certificate in Form 16A on quarterly basis within 15 days from the due date for furnishing the statement of TDS. The due dates of issuing TDS Certificates by banks have been given in the table given below:
TDS Deducted On | Due Date of TDS Certificate |
---|---|
Quarter ending June 30 | Before August 15 |
Quarter ending Sept 30 | Before November 15 |
Quarter ending Dec 31 | Before February 15 |
Quarter ending Mar 31 | Before June 15 |