Times of India reports the TDS wing of the income tax dept has noticed non-compliance of TDS provisions in the interest payments on fixed deposits by five urban cooperative banks to the tune of over Rs 7 crore in the Surat region in Gujarat.
The UCBs found indulging in non-compliance are Surat Peoples’ Cooperative Bank, Surat District Cooperative Bank, Surat National cooperative Bank, Prime Cooperative bank and Surat Textile Cooperative Bank.
Sources say the officials have found the UCBs not taking form 15/G and form 15/H for the payment of interest on the FDs and other schemes. The banks have agreed to pay the TDS demand soon.
