New Delhi, July 13 -- The Income Tax Department has facilitated a new functionality for banks and post offices to ascertain TDS applicability rates on cash withdrawal of above Rs 20 lakh in case of a non-filer of the income-tax return and that of above Rs 1 crore in case of a filer of the income-tax return.
In a statement, the Central Board of Direct Taxes (CBDT) said that now banks and post offices have to only enter the PAN of the person who is withdrawing cash for ascertaining the applicable rate of TDS.
So far, more than 53,000 verification requests have been executed successfully on this facility, a statement by the CBDT said.
"CBDT today said that this functionality available as 'Verification of applicability u/s 194N' on www.incom...