New Delhi, July 13 -- The Central Board of Direct Taxes (CBDT) has facilitated a new functionality for banks and post offices through which they can ascertain the TDS applicability rates on cash withdrawals above Rs 20 lakh in case of a non-filer and above Rs 1 crore in case of a filer of the income tax return (ITR), said the Ministry of Finance (MoF).
So far, more than 53,000 verification requests have been executed successfully on this facility, it added.
''CBDT today said that this functionality available as Verification of applicability u/s 194N on www.incometaxindiaefiling.gov.in since 1st July 2020,is also made available to the Banks through web-services so that the entire process can be automated and be linked to the Banks intern...