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of <h1>Banks to Deduct TDS on Interest Only When Credited, Not Daily, u/s 194A for CBS Users.</h1> The circular addresses tax deduction at source (TDS) on interest payments for time deposits under section 194A of the Income-tax Act, 1961, specifically for banks using Core-Branch Banking Solutions (CBS) software. It clarifies that banks need not deduct TDS on interest provisioned daily or monthly for macro-monitoring purposes. Instead, TDS should be deducted when interest is constructively credited to the depositor's account at the end of the financial year, at periodic intervals, on maturity, or on encashment, provided the interest exceeds the specified limit under section 194A. This clarification aims to ensure compliance while using CBS software for accounting.
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