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New TDS Form Seeks More Info From Taxpayers
Mail Today
|July 6, 2020
The Income Tax Department has amended the TDS form to make it more comprehensive and introduced a new rule that requires taxpayers to report not only instances where TDS is deducted, but also cases where TDS is not deducted for any reason.
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The amended form also stipulates that banks will have to report tax deducted at source (TDS) for cash withdrawals above Rs 1 crore.
The Central Board of Direct Taxes (CBDT) has amended income tax rules, through a notification, to include TDS on e-commerce players, dividends distributed by mutual funds and business trusts, cash withdrawals, professional fees and interest.
Nangia & Co LLP Partner Shailesh Kumar explained that with this notification, the government has revised the format of forms 26Q and 27Q, where details of TDS amount deducted and deposited on various resident and non-resident payments are required to be filled.
This story is from the July 6, 2020 edition of Mail Today.
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