After introducing new TDS (tax deducted at source) rates for high-value cash withdrawals from banks, the income tax department has now amended TDS rules further to tighten the noose and seek more disclosures.
In its latest notification, the CBDT has amended TDS forms to give effect to the new withholding provisions under Finance Act, 2020
“The new forms are more comprehensive and require payers to report not only those cases where TDS is deducted, but also cases where TDS is not deducted for any reason. Separate codes have been provided to cover different situations of deduction of TDS at lower rate/ non-deduction of TDS,” tax expert Shailesh Kumar, Partner, Nangia & Co LLP, said.
Source Link – TDS Rule Amendment