 "TDS on Rs 1-crore cash withdrawal aimed at cracking down on black money")
Banks and post offices can now ascertain the tax deducted at source (TDS) of those withdrawing large cash just by entering permanent account number of these assesses on the facility provided by the income tax department.
The department has facilitated a new functionality for banks and post offices through which they can ascertain the TDS applicability rates.
So far, more than 53,000 verification requests have been executed successfully on this facility.
TDS is deductible at the rate of two per cent if cash withdrawal exceeds Rs 1 crore by a person who is filer of income tax returns.
However, if
