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No TDS for bank staff opting for VRS
Staff Reporter
BANGALORE: Thousands of bank employees can heave a sigh of relief with the Karnataka High Court directing the banks not to deduct tax at source (TDS) for those who opt for early exit. A Division Bench comprising Chief Justice Cyriac Joseph and Justice S. Abdul Nazir passed the interim order on petitions by bank employees who had opted to retire from service under the voluntary retirement scheme (VRS). A portion of the amount that they had received was deducted at source under TDS.
Several employees, who had availed themselves of voluntary retirement scheme had challenged the collection of TDS saying that it was illegal and ultra vires.
A single judge had upheld the collection of TDS and said they could ask for a refund. The Bench, in its interim order on Tuesday, asked banks not to deduct tax for employees opting for early exit.
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