Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Acceptance of TDS/TCS statements from Financial Year 2007-08 on wards only

As advised by Income Tax Department:

TIN will accept TDS/TCS statements only pertaining to Financial Year 2007-08 and onwards.

Statements for Financial Years upto 2006-07 will not be accepted at TIN.

Acceptance of 'Y' type of correction TDS/TCS statements have been discontinued at TIN.

The above is with effect from July 1, 2013.

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