Importance and Necessity of Filing of ITR Online

Filing of ITR online: TDS DEDUCTION FROM THE BANK ACCOUNT AGAINST CASH WITHDRAWAL

1 सितंबर 2019 से, भारत सरकार ने एक वित्तीय वर्ष के भीतर नकद निकासी राशि एक करोड़ का आंकरा पार कर जाने पर, अगली नकद निकासी राशि पर 2% टीडीएस की कटौती को प्रभावी और अनिवार्य रूप से लागू कर दिया है।

Effective from 1st September 2019, Govt. of India has implemented mandatory deduction of 2% TDS from the account, on every cash withdrawal transaction amount subject to cash withdrawal amount exceeded Rupees One Crore within a financial year.

हालाँकि TDS से जुड़ी निम्नलिखित संशोधन आयकर विभाग द्वारा किए गए हैं और 1 जुलाई 2020 से लागू किए गए हैं, जो निम्नानुसार हैं:

However, the following amendments have been done by the Income Tax Department and made applicable with effect from 1^st July 2020, which are mentioned as under:
Filing of ITR online

Criteria for TDS Deduction	ITR Filing	Expiry of due date of ITR FILING	TDS Deduction
The account holders (Personal & Non-Personal) withdraw Cash exceeding Rs 20 Lacs and up to Rs 1 Crore) within a financial year	ITR not filed for 3 previous consecutive years	Due Date of ITR Filing already expired	Tax will be deducted @2% on amount exceeding Rs 20 lacs.
The account holders (Personal & Non-Personal) withdraw Cash exceeding Rs 1 Crore within a financial year	ITR not filed for 3 previous consecutive years	Due Date of ITR Filing already expired	Tax will be deducted @5% on amount exceeding Rs 1 Crore
The account holders (Personal & Non-Personal) withdraw Cash exceeding Rs 1 Crore within a financial year	ITR filed in any one of last 3 previous consecutive years		Tax will continue to be deducted @ 2% on amount exceeding Rs 1 Crore