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Changes in IT Rules to Help Govt Track Taxpayers’ Income

September 04, 2019

Changes in IT Rules to Help Govt Track Taxpayers’ Income

As the new changes proposed in the Income Tax Act become effective from September 1, 2019, the government will get access to more information of the taxpayers.

The changes include 2% TDS levy on cash withdrawals of ₹1 crore and above for which section 194N has been introduced. Another change is the interchangeability of PAN and Aadhaar, both of which were also required to be linked by September 1.  Now, if someone files their income tax return without sharing their PAN, a new PAN will be generated.

Photo credit: Dr PS Sahana * Kadamtala Howrah on Visualhunt.com / CC BY

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