40% TDS by SBI & Other Issues
Sucheta Dalal
The Cobrapost’s sting operation has exposed how banks, across the spectrum, will work with alacrity to launder black money. On the other hand, the same banks exhibit extraordinary callousness when it comes to routine business with savers. Over the past few weeks, there has been an outpouring of anger against harassment by banks on two issues: re-submission of know your customer (KYC) documents and over tax deduction at source (TDS). Banks are notorious for failing to file and submit TDS—the draconian penalties apply only to individuals and private companies.