Form-16 Festivities

KAMAL BARUAH

It was short but a threatening text, while a recent SMS on the first week of July to our mobile devices, had woken up individual taxpayers across India, reminding to file essential ITR before 31^st July to avoid last week rush. Alas! Text message alerts kept notifying us for several reminders on every alternate day. As a result, there are a hives of activities in the financial institutions. Tax consultants are in their heyday during the July, assist filing ITR for a lot of taxpayers as July 31 deadline set by Income Tax Department, whose accounts are not required to be audited. Besides all supports from CAs, one can easily get personalized care from Income Tax helpdesk during this month.

As usual, there is a hectic business schedule in the morning hours at banks, but bankers are astounded to see the large number of customers especially senior citizens arrive at a bank, who are in need of statement. There are so many economic jargons used by a particular group of people, especially in this July and which most other people do not understand. Customers demand a series of services from annual statements to statements of earned interest. Banks keep an eye on the whole customer journey to offer real time help.

Besides, there are demands of Form No 16, 16A, 16B, Part-A, Part-B, Traces, TDS, Income Tax, Advance Tax, Self-Assessment Tax, Challan No ITNS 280 and whatever else one like to call it, customer care professionals need to listen, more than ever, in fact,  they lend them their ears for how better listening that can win and keep customers. That makes it critically important to attract new customers and retain existing ones. In spite of the fact that people have a negative view of the banking sectors because banks have projects that take years to reach fruition. Sometimes, employees sitting at their desks fail to build that relationship with each customer that walks through the door. After all, we live in age of ecommerce.

Young customers may think they want an all-digital world, but senior citizens actually don’t, branches remain key to personal engagement and emotional connection with customers. Despite the availability of various Apps for integrated banking solution, dedicated website for pensioners and WhatsApp banking services, there has been a much higher footfall in this July. They demand everything from banks to ensure a hassle-free smooth tax filing ITR process at tax consultants as determining which ITR to choose can be challenging and also ensuring accuracy and compliance is crucial.

Besides there are demands of bank statements / passbooks for interest on a savings account and fixed deposits as compelled by tax consultants? Though bank statements collected by visiting bank are chargeable, customers don’t mind pay bank charge fees. Now most of the financial institutions provide interest paid / accrual, total / overhead tax deducted certificate (Form 16B) in one downloaded page. Part-A of Form 16 which contains details of tax deducted and deposited by the employer can be downloaded from TRACES, a centralized processing cell, by deductor for a given TAN, PAN and Financial Year. However, Part-B of Form 16 contains details of the salary and deductions of the employees.

There are even demands of Form 26AS (Annual Tax Statement) from the financial institutions, which is a summary of taxpayer’s information provided by the Income Tax Department. It shows details of tax deducted on your behalf by deductors, details on tax deposited by taxpayers and tax refunds received in the financial year. This form can also be accessed from the Income Tax Department’s website.

Customers have high expectation for their single window counters, where all facilities should be available in one place. What comes across in our day to day banking is a great sense of humors and happiness too. We share at leisure time. Unfortunately, banks are even trolled for infamous lunch break. Should they work through or take a break? The other day one senior citizen was in rather a hurry at my desk on the very afternoon after lunch enquiring his Form No 16. Soon I served him quickly; the next need for filing ITR to be done at my desk itself. Unfortunately, that was not available in banks. Probably, he heard of single window service at banks and definitely came his anticipation. As the trust is the most important aspect of banking.

The festive time isn’t over until we make to ensure customers satisfied, delighted across all interactions. All types of Form 16 and related documents finally head to Income Tax Return. Come this July and join the ITR festivities. Worsening flood situation may put a damper on the activities of ITR, but you don’t expect a deadline extension from our Madam Finance Minister. Let’s join the group of IT Department’s Proud Filer Badge before deadline to avoid various penalties for late filing Income Tax Return for the FY 2023-2024. That would surely provide financial institutions some respite after the Form-16 Festivities.

(kamal.baruah@yahoo.com)