The income tax department has amended the T-D-S form, making it more comprehensive and mandating deductors to state reasons for non-deduction of tax. As per the amended form, banks will also have to report Tax Deducted at Source for cash withdrawals above Rs 1 crore. Through a notification, the CBDT has amended Income Tax Rules to include T-D-S on e-commerce operators, dividend distributed by mutual funds and business trusts, cash withdrawals, professional fees and interest.
I-T dept makes TDS form more comprehensive | Business – Times of India Videos
Jul 05, 2020, 11:48PM ISTSource: TNN