Do you have an account at the post office? But one must be aware of these new rules. Find out now what those rules are. Going into details .. Withdrawal of money from the above post office schemes is Rs. Indian Post has come up with new rules for TDS deduction above Rs 20 lakh.
These rules also apply to PPF withdrawals. According to the amended provisions of Section 194N of the Income Tax Act 1961, if the investor does not file Income Tax Returns (ITR) for the past three assessment years, then TDS is deductible from the withdrawal amount.
If you look at the TDS Rules, Rs. 20 lakhs and Rs. If it does not exceed Rs 1 crore then TDS at two per cent will be increased to Rs. 20 lakhs will have to be paid. It seems that these new rules will come into force from July 1. If this is the case then in the financial year Rs. If it exceeds Rs 1 crore, then 5 per cent TDS will be levied at Rs. Note that the amount to be paid exceeds Rs 1 crore.
The Center for Excellence in Postal Technology (CEPT) has collected details of depositors between April 1 and December 31, 2020 to facilitate the revision of TDS. CEPT provided the customer’s PAN number and cash details to be deducted in the form of TDS.
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