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 application for Lower/nil deduction shall be accepted after March 15 of relevant Financial Year

Keeping in view the time required for processing of the online request for lower/nil deduction certificate, the Income-tax dept. has decided that no such request for issue of certificates for lower/nil deduction for a particular Financial Year shall be accepted after 15th of March of the Financial Year. Applicant can apply for certificate from 28th February of the immediately preceding Financial Year.

Refer: Instruction no. 01/2020 of CPC (TDS) dated 24/01/2020

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