So far, more than 53,000 verification requests have been executed successfully on this facility
Banks and post offices can now ascertain the tax deducted at source (TDS) of those withdrawing large cash just by entering permanent account number of these assesses on the facility provided by the income tax department.
The department has facilitated a new functionality for banks and post offices through which they can ascertain the TDS
So far, more than 53,000 verification requests have been executed successfully on this facility.
is deductible at the rate of two per cent if cash withdrawal
exceeds Rs 1 crore by a person who is filer of income tax returns.
However, if a person is non-filer of ITR, TDS
is deductible at the rate two per cent if cash withdrawal
is Rs 20 lakh and at the rate of 5 per cent if it exceeds Rs one crore.