Income Tax dept launches functionality for banks to check ITR filing status of entities

To ensure filing of return by these persons and to keep track on cash withdrawals by non-filers, and to curb black money, the Finance Act, 2020 with effect from July 1, 2020, further amended I-T Act, 1961, to lower the threshold of cash withdrawal to Rs 20 lakh for the applicability of TDS for non-filers.

from Banking/Finance-Industry-Economic Times https://ift.tt/3gUw045