Income Tax Dept. facilitates new functionality for banks and post offices

The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawals.  Under it, the Banks and Post Offices can ascertain the TDS applicability rates on cash withdrawals of above Rs 20 lakh in case of a non-filer of the income-tax return and that of above Rs one crore in case of a filer of the income-tax return.  The Central Board of Direct Taxes, CBDT in a statement said, so far, more than 53,00...