TDS ON PENSION PAYMENTS FOR THIS YEAR 2019-20

Comrades,

You are aware that the Tax-Deducted-at-Source were made from the Pension Payments made to our Bank pensioners for the last year and in view of the last minute work on the same, there were lots of confusions and chaos in this regard during the last year.

In order to make it smooth for this year, our Bank has issued circular on the same vide Transient Series File 7(F) Circular No.79/2019-20 dated 21.09.2019 detailing the procedure regarding the Tax that will be deducted from source and the declaration to be given by us in respect of the Savings/Investments made/to be made by us towards exemption, etc..

Since it has been decided to deduct the tax at source from the month of October 2019, pensioners are requested to declare the Savings/Investment details before 31st October, 2019.

The relevant circular is attached hereunder.

Regards,

Krishnaraj P

Joint General Secretary

TDS_2019 – IOB pensioners