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Banks, Post Offices can now check TDS rate on high value withdrawals

Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash

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The CBDT said that the data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns

Press Trust of India

3 min read Last Updated : Jul 12 2020 | 9:50 PM IST

The Income Tax department on Sunday said it has made available to banks and post offices a new utility to ascertain TDS rate applicable on cash withdrawal of over Rs 20 lakh in case of a non-filer of ITR and that of above Rs 1 crore in other cases.

Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash for ascertaining the applicable rate of TDS.

On entering PAN, a message will be instantly displayed on the departmental

Topics : Income tax Rapid Antigen Testing Income Tax department CBDT bank withdrawal TDS

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