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CBDT simplifies reporting for interest paid on term deposits

Central Board of Direct Taxes (CBDT) now requires banks to provide a "consolidated return for all branches" (bank level return) to the revenue department rather than transaction-wise details of time deposits on which interest has been paid without tax deducted at source (TDS).

As per the new arrangement, the details of the transactions would be held at the branch level and only the overall picture on time deposits would be passed on to the revenue department (through the consolidated return).

The returns are to be filed on or before July 31, October 31, January 31 and June 30 following the respective quarters of the financial year.

At present, the I-T Act specifies that a bank would not be required to deduct tax at source on interest on deposits where the amount paid in a financial year does not exceed Rs 5,000.

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