Banks required to report TDS for withdrawals of over Rs 1 crore

11:30:00 PM, Monday 6th of July 2020 | in business

The TDS form has been amended by the Income Tax department. As per the new rules, banks will now have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore. The banks will also have to mention the reason for non-deduction. Form 26Q is used for quarterly filing of TDS returns on any payment other than salary to Indian residents by the government. With the new rules, TDS has been made easy for the banks.