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I-T dept makes new utility for banks, POs to check TDS rate on cash withdrawals

The Income Tax department has made available to banks and post offices a new utility “"Verification of applicability u/s 194N" to ascertain TDS rate applicable on cash withdrawal of over Rs 20 lakh in case of persons who have not filed their ITRs and that of above Rs 1 crore in other cases. CBDT said that the bank/post office has to only enter the PAN of the person who is withdrawing cash for ascertaining the applicable rate of TDS. On entering PAN, a message about the applicable TDS rate (2% or 5%) will be instantly displayed on the departmental utility.

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