Income Tax department has brought new guidelines and of tax rates which will be in effect from September 01 2019
As per new Income Tax rules now cash withdrawal exceeding Rs 1 Crore will now attract TDS may from Post Offices and Banks may attract TDS. Payments made on or after September 1 will attract the provisions of Section 194N.
And for TDS calculation now the buyer while purchasing property if the value is exceeding Rs 50 Lakh has to include other charges like membership fee, car parking etc with the registry charges incurred with the property while the deal was being done. The TDS will be calculated as 1% of the Total Value of property
The government has introduced a new Section called 194M in income tax laws under which individual is required to deduct TDS @5% for paying a sum in excess of 50 lakh for carrying out any work in given in the contract or by way of fees for professional services during a financial year. Payments made on or after September 1 will attract tax.
Interchangeability between PAN number and Adhar Number is now allowed in the present tax rules as per finance minister Nirmala Sitharaman
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