New Delhi : Financial specialists are profoundly excited almost the Dependence Jio IPO and are anticipating it with awesome expectation. After two decades, Dependence Businesses is set to dispatch an IPO for one of its major commerce units. Presently, Mukesh Ambani has given a critical upgrade with respect to this Jio IPO . The draft outline for Jio Stages is anticipated to be recorded following month. This may possibly be the biggest IPO in the country's history. Dependence has designated a consortium of 19 banks to oversee this process. Mukesh Ambani, Chairman of Dependence Businesses, has dropped a major indicate with respect to the exceedingly expected IPO of Jio Stages. Depicting it as a "definitive breakthrough," Ambani signaled that the company is quickly progressing in its arrangements for what is balanced to be India's largest-ever IPO. Talking amid the company's profit discharge, Ambani expressed, "I am satisfied to share that we are making...
In order to reduce cash transactions
and better implement tax compliance, the tax department has made some changes
in the rules of TDS. From July 1, 2020, the new TDS rule will be applicable on
the amount withdrawn from the bank and post office. Till now, if someone used
to withdraw cash in excess of one crore rupees in a year, then you had to pay
2% TDS (Tax Deducted at Source). But from July 1, 2020, the new TDS rule has
come into force. Now the TDS rate for high-value cash transactions of more than
Rs 20 lakh in a financial year will depend on whether the investor has filed
Income Tax Return (ITR) in the last three years.
New TDS rule for those who have filed returns in the last 3 years
In the 2019 budget, the government
included a new section 194 N in the income tax under which withdrawing more
than Rs 1 crore cash from a bank account would have to pay 2% TDS. This new TDS
rule will also be applicable to withdraw cash from post office accounts.
According to experts, If any consumer withdraws cash of 99 lakh rupees in a
financial one year and after that, he withdraws 1.50 lakh rupees more than only
50,000 rupees will have to pay 2% TDS. Whereas, for consumers whose PAN card is
not updated in the bank's records, TDS can be levied up to 20% under section
206AA of Income Tax.
If the consumer has filed income tax
returns in the last three years and deposited PAN, then withdrawing less than 1
crore cash will not attract any TDS. If consumers withdraw cash from the bank,
the bank can ask for ITR-V to make sure that you are filing returns. Along with
this, you can also ask the bank to check from the e-filing portal of the Income
Tax Department.
TDS rules for those who do not file
ITR returns
If the consumer has not filed an
income tax return in the last three years, then you may have to deposit huge
TDS.
-There will be no TDS for withdrawing
cash up to Rs. 20 lakhs.
-From 20 lakh rupees to 1 crore
rupees the cash will be charged 2% TDS.
-Withdrawing more than 1 crore cash
will incur a TDS of 5%.
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