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of <h1>Banks Urged to Comply with TDS Rules under Chapter XVIIB of Income Tax Act, 1961 to Avoid Penalties.</h1> The circular emphasizes the critical role of tax deduction at source (TDS) in income tax collection under the Income Tax Act, 1961, specifically in Chapter XVIIB. It highlights issues of non-compliance by some banks, particularly in the incorrect calculation of perquisites for officers, leading to short deductions and potential revenue loss for the government. The document urges banks to ensure strict compliance with TDS provisions and offers assistance from local Income Tax Officers or Commissioners of Income Tax for any required clarification. Penalties and prosecution may follow for continued non-compliance.
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