Corporate Updates – 04-09-2014


The Reserve Bank of India has clarified that a Bank Account will not become inoperative if a dividend cheque has been credited in it in the previous two years. As dividend on shares is now credited to Savings Bank accounts as per the mandate of the customer in most of the case and the same should be treated as a customer induced transaction. A bank account become inoperative or dormant, only if no credit or debit transaction has been conducted for a continuous period of two years.


CBDT has now mandated filing of TDS Statements and Issuance of TDS Certificates downloaded from TRACES. But If you are not required to submit TDS statement for FY 2013-14 and not filed any TDS Statements in FY 2013-14 , than you are required to submit a declaration for Non-filing on TRACES. For this purpose, you can login to TRACES, navigate to “Statements/Payments” menu and submit details under Declaration for Non-Filing of Statements”. Henceforth, the persons who are not required to submit a return of TDS due to non applicability in any particular quarter shall have to submit a Declaration for the same on Traces.

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