In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 had inserted Section 194N in the Income Tax Act,1961 for tax deduction at source (TDS) on ...

To discourage cash transactions and move towards a less-cash economy, a new Section 194N was inserted in the Income-Tax Act. This provision requires a bank and post office to deduct tax at 2% from the ...

Banks can now check the status of income tax returns or ITRs of their customers based on their Permanent Account Number (PAN). Through this facility banks or post offices can get the applicable rate ...

ITR filing: Out of various income tax return (ITR) forms issued by the income tax department, most simple form is ITR-1. Many times, ITR-1 is filed by taxpayers as standard ITR form without ...

https://www.thehindubusinessline.com/economy/i-t-department-introduces-tool-for-calculating-tds-on-cash-withdrawals-under-new-rules/article31986553.ece Copy The ...

Income Tax returns: There is no running away for taxpayers anymore! If you are withdrawing a large amount of money and are yet to file Income Tax Returns, then banks can apply TDS (Tax Deducted at ...

Tax calculation: The Income Tax department has announced that cash withdrawals by foreign representations will not be subject to Tax Deducted at Source (TDS) starting from December 1. As per section ...

The Department of Post has introduced a new rules for deduction of tax deducted at source (TDS) in respect of aggregate cash withdrawal above Rs 20 lakh by an account holder of National (Small) ...

Cash withdrawal by foreign representations will not attract tax Deducted at Source (TDS) from December 1, Income Tax Department has said. “The Central Government after consultation with the Reserve ...