The Department of Posts circular issued on August 13, 2024 stated, “CPRC has addressed the complaints of taxpayers regarding the information provided to the IT Department. While addressing such complaints, it has been observed that many of them have arisen due to lacunae in the procedures followed at the post offices in the operations of CBS Finacle.”
The following common deficiencies have been observed and have resulted in reports of: incorrect interest income Information to the IT Department:
Gaps – The order of depositors was entered incorrectly.
Result of the gaps- The interest income of the first depositor was wrongly declared in the PAN of the second depositor. (Mr. X’s interest income was declared as Mr. Y’s income.)
Lagoons – PAN number is incorrectly updated: In one of the cases, PAN –ABZPJ7609Q was found to be updated with PAN – ABJPJ7609Q)
Result of the lagoons – Interest income was incorrectly declared in the wrong PAN. (Interest income of the holder of PAN -ABZPJ7609Q was incorrectly declared in PAN – ABJPJ7609Q)Lagoons – Whenever there is any minor depositor Once the majority was reached, the changes that needed to be made at the account level were not made.
Result of the lagoons – The interest income of the minor depositor who reached the age of majority was incorrectly reported in the Guardian’s PAN
The circular also said that designated officers at post offices should ensure the following to reduce complaints resulting from the above lapses and avoid incorrect reporting of interest income to the IT Department.
Details with correct information
When opening or modifying an account in Finacle CBS, all the data of the applicant (depositor) KYC Informationsuch as your PAN and Aadhaar numbers, must be entered accurately, precisely and in accordance with the KYC documents and Account Opening Form submitted by the depositor(s).
Data on minor depositors
When a minor depositor reaches the age of majority, he/she must comply with the process described. Therefore, changes must be made in Finacle CBS and the account modification option if a minor depositor reaches the age of majority, the circular stated.
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