- CBDT made major changes in rules related to Income Tax
- TDS will be cut by 2% on withdrawing cash of more than 1 crore in a year
new Delhi. The Income Tax Department has made major changes to make the TDS Form Changes more comprehensive. Under which it has been made mandatory to state the reasons for not deducting tax. At the same time TDS (TDS) will also have to be reported for withdrawing more than one crore cash from banks in a year. Dividend distribution, cash withdrawals, professional fees fees and interest from e-commerce operators, Mutual Funds and business trusts as per information released by the Central Board of Direct Taxes. Income tax rules have changed to impose TDS.
Changes in form
, according to experts formats, according to the notification issued by the government Form 26-Q and 27-Q has been changed. Form 26Q is used to provide information on quarterly basis to the TDS deduction on any other payment made by the government or companies to employees other than salary. At the same time, Form 27Q is used to inform the NRI about deduction of TDS on payment other than salary and submission of it.
Also Read: Star named Sushant Singh Rajput shining in solar system, fan gave big tribute
Be aware
of the new form issued by the information has been made more comprehensive. Payers will need to report not only the cases in which TDS is deducted, but also the cases in which TDS is not deducted. The reasons for non-TDS deduction will also have to be mentioned in the new form. To eliminate cash transactions, the government had imposed a TDS of two per cent for withdrawing cash from a bank account in a financial year 2019-20 budget over a financial year.
