Income Tax dept amends TDS form, makes it more comprehensive

As per the amended form, banks will have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore

The Income Tax department has amended the TDS form, making it more comprehensive and mandating deductors to state reasons for non-deduction of tax.

As per the amended form, banks will also have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore.

Through a notification, the Central Board of Direct Taxes (CBDT) has amended Income Tax Rules to include TDS on e-commerce operators, dividend distributed by mutual funds and business trusts, cash withdrawals, professional fees and interest.

Nangia & Co LLP Partner Shailesh Kumar said with this notification, the government has revised the format of forms