Reg. No: SA 2914 Dated : 27 Jan. 1995
License No: UBD Guj-1153 P Dated : 01 July 1995

INCOME TAX Guidelines

  1. If customer will deposit Rs. 50,000 and above to any account PAN to be quoted mandatory.
  2. Bank will not issue a demand draft against cash money.
  3. In saving accounts if total cash receipt will be Rs.10 lac or cross above 10 lac in a year then bank will reporting to concern department.
  4. It is necessary for bank if income tax will demand for any account information.
  5. The rate of TDS deduction on deposit accounts is subject to change from time to time.

          Income Slab

(Rs.)   

Rate of Income Tax in the case of
an individual man, HUF Individual Woman below 60 Yrs. Age Individual of age 60 Yrs. and above Individual of age 80 Yrs. and above

A. Y.

12-13

A. Y.

13-14

A. Y.

12-13

A. Y.

13-14

A. Y.

12-13

A. Y.

13-14

A. Y.

12-13

A. Y.

13-14

Up to Rs. 1,80,000 Nil Nil Nil Nil Nil Nil Nil Nil
1,80,010 to 1,90,000 10% Nil Nil Nil Nil Nil Nil Nil
1,90,010 to 2,00,000 10% Nil 10% Nil Nil Nil Nil Nil
2,00,010 to 2,50,000 10% 10% 10% 10% Nil Nil Nil Nil
2,50,010 to 5,00,000 10% 10% 10% 10% 10% 10% Nil Nil
5,00,010 to 8,00,000 20% 20% 20% 20% 20% 20% 20% 20%
8,00,010 to 10,00,000 30% 20% 30% 20% 30% 20% 30% 20%
10,00,000 & above 30% 30% 30% 30% 30% 30% 30% 30%
 
Note : Add 3% Education Cass on above I.T. Amount


TDS Guidelines

PAN Notice For Depositors
As per Income Tax Act 1961 a new provision relating to tax deduction at source (TDS) has become applicable w.e.f. 01/04/2010, under which it is obligatory for every person, who is liable for deduction of TDS on interest on deposit, to furnish a copy of PAN card. If the PAN card is invalid or does not belong to the deductees, TDS is required to be deducted @ 20% or at the rate which is in force, whichever is higher in all cases, whereas the TDS applicable for customers having PAN cards is currently 10% only.