If annual interest/ interest paid more than Rs. If form 15H is submitted by the account holder. If first Account holder’s age is 60 years and above. IF PAN number is not provided by the account holder or if the PAN entered by POs is invalid. If form 15G is not submitted by the account holder. 40,000 per annum in all SCSS accounts of an account holder in a financial year. If annual interest/ interest paid is more than Rs. If form 15G is submitted by the account holder. If first Account holder’s age is less than 60 years The following configuration should be made by all the CBS post offices for configuration of TDS or non-deduction of TDS or NO PAN in all existing SCSS accounts or at the time of opening of new account in SCSS as the case may be: – Age ofĬonfiguration to be made at CIF of account holderĬonfiguration to be made in SCSS account. Once 15G/15H is entered, tax category at account level will get updated to ‘No Tax’.ĥ. 15G/15H should be updated using CSCAM menu and verified without fail. Updating of form 15G/15H should be done on the date of receipt of form from the account holder.
If PAN is invalid, TDS code will be converted as NOPAN/NOPNS by the batch process in Finacle. TDS code NOTAX/TDSNR will be converted as TDSNS on the date of customer reaching 60 years of age, by a batch process. Tax exemption is applicable only if the account is seeded with 15G/15H Tax liability will be calculated based on the age of customer and interest payable for the financial year It should be TDSNR/TDSNS only and not as NOTAX TDS code is configured in CIF level for SCSS account holders. CIF of SCSS account holders should be seeded with valid PAN. All CBS post offices shall ensure that all form 15G/15H already received are updated in Finacle, as TDS deduction is based on the information available in CIF and Account level. Whenever the SCSS account holder submits form 15G/15H, the concerned post office shall ensure that the details in customers CIF and SCSS account as prescribed in the table below. The updated guidelines are again reiterated in respect of configuration of TDS/15G_15H/No PAN in respect of Senior Citizens Savings Scheme (SCSS) accounts in Finacle for necessary action: – I am directed to say that Circles should take necessary action for configuration of TDS/Form 15G/15H/NOPAN status in all SCSS accounts and CIFs.Ĥ. This office is receiving representations from the SCSS account holder(s) that TDS amount has been deducted from their interest payments even after submission of form 15G/15H for the current Financial Year.ģ. dated, in which the detailed guidelines were issued for configuration of TDS related parameters in Finacle in respect of SCSS accounts.Ģ. Reference is invited to this office even letter no. Subject: – Deduction/Non-deduction of TDS in SCSS accounts in post offices reg.