[Resolved]  ICICI Bank Ltd — Irresponsible accounting and filing returns to taxes department

Address:

Chennai, Tamil Nadu

Sub: Mistakes GALORE in Savings Bank Statements vis-a-vis Forms 16A and 26AS


I am a mandate holder for two s/b accounts held by my son GUHAN KUMARAN in ICICI Bank branch at ICICI Bank Towers, Ground Floor, Bangalore-560 025. We have our transactions through their Wealth Management branch at Oliver Road, Mylapore, Chennai-600 004.


In connection with responding to some queries on his income-tax returns raised by tax authorities, I had requested for transactions in the two accounts for financial years onwards as also forms 16A for the corresponding assessment years. The contents in these required to be compared for consistency with returns ICICI Bank had filed on interest paid to him under 194A and TDS deducted therefrom based on which the taxes department compiles 26AS.


To my surprise and horror, my studies indicated utter indifference carelessness with which such returns had been filed by and also the lackadaisical approach thereto of bank personnel.


In the first two of the five assessment years, the interest paid as per 26As much less than interest paid as per Form 16A while the figures of TDS deducted as in both sources was identical. In the third year, the figures of interest paid as in 26AS was much more than in the Form 16A while figures of TDS deducted were identical.


I had sent the details as well as information on missing returns as identified by me to the Chairperson of the Bank by e-mail, on 2nd Feb 2014. The same is yet to be even acknowledged till now at 8.30 hrs on 5th Feb..


This monstrous inefficiency in their functioning is nothing new to me. I had earlier on to battle with them in a case relating to another son of mine. In that case, a failure on the part of one of the Managers of the Bank had resulted in my son being slapped with a demand notice for over a lakh of rupees. The demand was withdrawn after the Bank filed correction to an entry already filed.


I also find that they are in the habit of filing corrections to the entries filed by them even after lapse of TWO or more years of the date of transaction.


God alone knows how many customers they put into inconvenience day in and day out with this total irresponsible functioning. The sooner they install a sense of commitment to customer service in their personnel, the better. As of now, THIS COMMITMENT DOES NOT APPEAR TO EXIST.


I can be reached on [protected]@hotmail.com and[protected] as well as[protected].


V.KUMARAN.