Frequent or high-value transactions in savings accounts are increasingly being tracked by the Income-tax Department, as ...

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 ...

Many people were confused whether TDS will be deducted on cash withdrawals exceeding Rs 1 crore, between April 1, 2019 and August 31, 2019 also. In a bid to discourage the practice of making business ...

CBDT received queries from people through social media on the applicability of this section on withdrawal of cash from April 1 to August 31, 2019, following which it issued a statement clearing the ...

NEW DELHI: In order to mitigate the challenges faced by banks in complying with the section 194N, which provides for tax deduction at source (TDS) at the rate of 2% on cash withdrawal beyond specified ...

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 ...

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 ...

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

Ahead of the Union Budget, the banking sector, through the Indian Banks’ Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the ...

The income tax department notified tax forms ITR 1 to ITR 7 for assessment year 2021-22 on Thursday. Due to the pandemic, it did not introduce any significant changes in the forms. However, there are ...