SIR. M.

VISVESVARAYA CO-OPERATIVE BANK LIMITED

Tax Deducted at Source

 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
1. Auto TDS Deduction on Projected Interest for the financial Year

2. Projection on Main Customer Number Basis.

3. Percentage of Tax on Availability of PAN in Main Customer Number.

4. TDS will be deducted at the time of Payment / Provision of Interest.

5. TDS will be deduct for above TDS limit

6. Senior Citizen will be identified by DOB on customer Master.

7. 15G/H to be marked immediately after receipt.

8. 15G/H to be submitted before 31st May every year.

9. TDS will not deduct after submission of 15G/H.

 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

Interest Projection on Main Customer Number Basis

1. Deposit running for whole year 01.04.2023 to 31.03.2024

Deposit Rs.1,00,000/- ROI 8.00% then Projection will be 8000/-

2. Deposit Maturing in between financial year ie Maturing on 15.09.23 then Projection will be

Deposit Rs.1,00,000/- ROI 8.00% then 01.04.2023 to 15.09.2023 Rs.3640.17

01.04.2023 to 14.04.2023 Rs.1,00,000/- 8% 14 Days 306.84
15.04.2023 to 15.09.2023 Rs.1,00,000/-8% 5 Months 3333.33 - 3640.17
15.03.2023 to 31.03.2023 Rs.1,00,000/-8% 17 Days - 394.52 - 4034.69

3. Deposit open during the financial year ie Opened on 15th June 23 for One Year
Deposit Rs.1,00,000/- ROI 8.00% then Projection for 2023- 24 will be 6351/-
Opened on 15th June 23 to 31st Mar 24 Rs.6351/- (In case of Monthly interest )
9 Months 16 Days = 6000 + 351=6351/- (In case of RI compounded interest on quarterly will
be calculate).
 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

Interest Projection on Main Customer Number Basis As below

4. In case of Auto renewal

Projection will be calculated as newly opened accounts as mentioned in sl no 3 and same
will be added to total projection.

5. In case of pre closure.

Interest will be calculated from Beginning of financial year to Closure date at the
applicable rate remaining projected interest will be deduct for total projection.

ie Deposit for Rs.1,00,000/- Contract rate is 8% total projection for a year will be 8000/-
if total projection 15000/- (including other accounts)
Premature closure on 15th June 23, at applicable rate of interest 7%.
01.04.2023 to 15th June 23 (2 months 15 Days) Rs.1,00,000/- 7%=1167+288=1455/-
Projection 8000-1455=6545/- will be reduce from Total Projection of Rs.15000/-. (even
though total reversal is more)
 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

For this year 2023-24 additional Interest added to projection.

LBrCode=7 AND PrdAcctId='FDR-Q 000000000000516600000001‘

Main Customer ID- 175541
Opened Date =02/07/2021 Maturity Date = 02/07/2024
Principal Amount =10,00,000/- ROI - 7.50%
01.04.23 to 01.04.23 - 1 Day - 206.00
02.04.23 to 01.01.24 - 3 Qtr - 56,250.00
02.01.24 to 31.03.24 – 2 Mts 30 Days 12500+6164/- Rs.18,664.00 = 75120.00
Regular Interest for the year 2023-24 = 75,205/- 01.04.2023 to 31.03.2024

Interest paid up to 02-01-2023 (last Year) Provision Made for 2 Mts 30 Days as on 31-03-23 is
Rs.18699/-

Projection for the year 2023-24 will be Rs.75205/-+Rs.18,699/-=Rs.93,904/-

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 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

Interest Projection on Main Customer Number Basis As below

Premature Closure Calculation, Customer Number 17656 Provision as on March 22

2 RI/46038/2 17656 17656 4427 0 443 0 10

2 RI/46275/1 17656 17656 1412 0 141 0 10

The Provision as on 10.04.2023

Br Cust No TDS Proj Int Proj TDS Prov Int Prov
0 17656 22.61 226 0 213

RI/46038/2 Closed on 10.04.2023 Interest from 01.04.23 to 09.04.2023 =

57400*7.5/100/365*9=106.00 Calculated (398 Reversed ROI 7.5% applied 7% )

RI/46275/1 Closed on 10.04.2023 Interest from 01.04.23 to 09.04.2023 =

59258*6.5/100/365*9=95 But Credited Rs.120/- (59258/- - 59378/-=120)
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 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

Interest Projection on Main Customer Number Basis As below

CUSTOMER NUMBER 655531

2 FDR-M 53673/2 655531 655531 116256 0 11626 0 10

PROVISION AS ON 13.04.2023
0 655531 371.39 12632 0 3575 238 1 109

Original Interest Rate 7.75 Closing Interest Rate 7.25

FDR-M/53673/2 CLOSED ON 13.04.2023 INTEREST FROM 01.04.23 TO 12.04.2023 =
15,00,000/-*7.25/100/365*12=3575/-

TOTAL INTEREST PAID = 5161/-

PRESENT RATE FOR ONE YEAR AND ABOVE IS 7+.5 =7.5 IT IS TAKING THE SAME
 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

Projection on Main Customer Number not on Customer Number

In case of Minor by Guardian Account the Projection will be done on Guardian customer
Number (Main Customer Number) and TDS will be deducted from Minor Account and
TDS will be paid on Guardian PAN Name.

Guardian Customer Number = 222333 Guardian Main Customer Number =222333

Minor Customer Number = 333222 Minor Main Customer Number = 222333

Then Minor customer 333222 and his Main Customer Number should be 222333 in
customer Master. PAN should be in Main Customer number 222333 . The Projection will
be calculated for Main Customer and same will be stored and referred for TDS Deduction.
 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

Percentage of Tax on Availability of PAN in Main Customer Number.

The PAN will be identified from in National ID = 1 Enter PAN number not on PAN
Description.

In case National ID = 1 Enter PAN Number then TDS will be 10%

In case National ID = Other than 1 then TDS will be at 20%.

In case the Modification done later and PAN entered with National ID code = 1 then
system will start deduct at 10%.
 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

TDS will be deducted at the time of Payment / Provision of Interest.

TDS will be deducted at the time of Payment of Interest and Provision of interest

If Interest is Rs.3100/- then TDS will be Rs.310/- Remaining Will be credited Rs.2790/-.

If Interest is Rs.3100/- Out Standing TDS Rs.500/- Then Rs.810/- Will be deducted as TDS and
Remaining Rs.2290/- will be credit to concerned account.

If Interest is Rs.3100/- Out Standing TDS will be 5000/- then Rs.3100/- TDS will be deducted
and Remaining TDS Rs.2210/- will carry over (Balance TDS) and there is no credit to concerned
accounts.

In case of Premature Closure or normal. If interest is coming for PL/2001 Tds will be deduct up
to the interest paid or TDS required to be deduct which ever is low (TDS will not be deducted
from Principal)
In the Year ending provision also applicable TDS will be deducted and remaining will be shown
as Interest Payable.
 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

TDS will be deduct for above TDS limit.

Auto TDS will be effected on the limit as per the IT Rule

1. Senior Citizen = Rs.50000/- and above.

2. Other Depositor = Rs.40000/- and Above.

Senior Citizen will be identified by DOB on customer Master

3. The Senior Citizen and Non Senior Citizen will be calculated on Customer DOB in the
Customer Master screen.
4. In case there is no DOB then he will be treated as non senior citizen.

3. Same will be apply for 15G / H Creation by system.

 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

1. 15G/H to be marked immediately after receipt.

2. 15G/H to be submitted before 31st May every year.

3. TDS will not deduct after submission of 15G/H.

 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

MainCustNo SPrjAmount STDSPrjAmt CIntProjected diff b/w SPrj and CInt Proj
517 23798 2380 31177 7379

Branch A/c No.

2 FDR-M/54627/1
2 FDR-M/54769/1
2 RD/19012/1
2 RI/46639/2
Br A/c no. Principal ROI Ren Dt Int No of days
SMRRI/46639/2 100000 7.5 16/04/2023 315 15
Mat value
100315
100315 7.5 1881 1 Qtr 102196
102196 7.5 1917 2 Qtr 104113
104113 7.5 1953 3 Qtr 106066
106066 7.5 1672 76 107738
7738
 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

MainCustNo SPrjAmount STDSPrjAmt CIntProjected

4310 481870 48189 422452

diff b/w SPrj and CInt Proj =-59418

SMR- RI/38768/3
Account opened on 21/02/2023 to 21/02/2024
Account closed on 10/04/2023
Contracted ROI 7.5%
As it is Pre-Closed on 10/04/2023 and calculated ROI 5.5% for 9 days
Principal =883126/-
Interest Projected =60558/-
Interest calculated =1198/- for 9 days
Interest projected is showing -59361/-
 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

MainCustNo SPrjAmount STDSPrjAmt CIntProjected diff b/w 639955

199992 20000 238631 38639

Branch A/c No. INTEREST PROJECTED

2 FDR-M/54772/1 39,996.00
2 FDR-M/54773/1 39,996.00
2 FDR-M/54774/1 39,996.00
2 FDR-M/55023/1 80,004.00
Total 1,99,992.00

Customer has opened new FDR/M/55327/1 on 13/04/2023

Branch A/c no. Prin ROI Date of Open
SMRFDR-M/55327/1 500000 8 13/04/2023
36667 11 months
1864 17 Days
Total 38531/-
 SIR. M. VISVESVARAYA CO-OPERATIVE BANK LIMITED
Tax Deducted at Source
Auto TDS Deduction on Projected Interest for the financial Year.

Branches responsibility.

1. PAN To be entered correctly to all customers immediately after obtaining the PAN
from Customer.
2. 15G/H to be marked immediately and also in case pending to be finished before
online of TDS.
3. In case any manual TDS deducted and remitted (from SB/CA/OD) in this financial year
to be reported with Main Customer number to IT Department with Manager’s
Signature.
4. Future the TDS yes or no option not to modify while modification of Customer
number other than the 15G / H Marking.
5. Exempted Customer list to be submitted having appropriate document with Branch.
6. Guide the customer to submit the 15G/H before 31st May every year.
7. Modification of Transfer Account details where in kept blank for TDS Purpose(can be
done on daily basis or may be done at once).
8. Minor by Guardian account to be modify with Main Customer number as Guardian
Number.
9. Auto Renewal option to be made with interest no for Term Deposit Accounts.