Wednesday 21 September 2022

TDS Deduction in SCSS accounts in Post offices

 TDS Deduction in SCSS accounts in Post offices

Sub: TDS Deduction in SCSS accounts


This is regarding updation of form 15H and PAN Number in SCSS accounts.

i) TDS will be deducted in this quarter for SCSS customers who receive more than Rs. 50,000 as interest per annum. If a customer has a cumulative of Rs. 6 lacs & above in SCSS a/c, TDS would be deducted unless form 15H is given by the customer. To avoid this, form 15H must be obtained from the eligible customers and each account must be marked as *"15H & No tax"* in Finacle. The list of SCSS account opened can be generated through HACSP menu for ready reference.

ii) Also, ensure that all SCSS accounts must be seeded with PAN number as if an account does not have PAN Number, TDS would be deducted irrespective of interest amount.

Since, the process has to be completed before 29.09.2022(which is the cutoff date in Finacle for TDS deduction), it is requested to circulate the instruction through email/whatsapp to all offices/SPMs and ensure compliance is received from the SPMs.

This activity is important to avoid inconvenience to the senior citizen customers and also avoid public grievances as this office is receiving this TDS related complaints frequently


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