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.

No deduction/Lower deduction of TDS rules amended

Central Board Of Direct Taxes vide Notification dated 24th September, 2014 has amended the rules relating to issuance of  certificate of  No deduction/Lower deduction and accordingly has revised the Form 13 for applying he same . Now as per new mandate certificate will be issued to the person responsible for paying to me the incomes/sum authorising him not to deduct income-tax at the time of payment to me of such income/sum and  for lower deduction certificate will be issued to the applicant for receiving the incomes/sum after deduction of income-tax at the rate lower than the prescribed.

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