Government had made the provision of levying 2 per cent TDS on cash withdrawals exceeding Rs 1 crore.

CBDT has laid down a new criteria to ensure only 'deserving cases get prosecuted'.

If a person has already withdrawn Rs 1 cr or more in current fiscal, the 2 pc TDS shall apply on all subsequent cash withdrawals.

To avoid penal actions, ensure that you file your income tax return on or before the August 31, 2019 deadline.

There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.

Two per cent tax will be charged if aggregate cash withdrawal from one or more accounts exceeds Rs 1 crore.

Tax payers have to pay special attention this year on account of the changes in the forms.

Apart from keeping the tax slabs unchanged, there are a number of budget proposals that will impact your personal finance.

The tea body said that the wages paid to the tea garden workers were both in cash and in kind.

Finance minister also announced TDS of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account.