One of India’s oldest commercial Bank i.e UCO Bank has gone live on IMPS-Account Number/IFS Code sub product. The commercial launch was announced on 19th December, 2013.
Uco Bank, was formerly known by a long name i.e ‘United Commercial Bank’.
UCO bank currently has 2685 branches with Zonal Offices in 45 centres and 10 circle Offices and over 1580 ATMs, spread all over the country. As the Bank branches are completely on CBS, all the branches of the Bank are having RTGS/ NEFT facilities.
To reduce the time for processing TDS job, the bank has invited sealed tenders from experienced bidders having proven capabilities for providing Web Based TDS Software
Scope of work in brief: In compliance of the Income Tax Act and Rules, the Bank Deducts Tax at Source from Depositors, Vendors and Employees. Such Deduction happens at different Levels in the 4-tier Organizational structure like Head Office, Circle offices, Regional offices and Branches. The Tax so deducted has to be remitted to Government through branches or via a Nodal Branch through Internet. Different Tax Rates, different threshold limits, etc would have to be considered while making such TDS. After remittance of Tax so deducted, at the end of each quarter, for each branch an Electronic Return to be generated in accordance with the Scheme given by Income Tax Department and be submitted to the Income Tax Department thorough the TIN network.