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of <h1>Financial institutions to deduct TDS on cash withdrawals: 2% over Rs 1 crore, higher rates for non-filers and co-ops</h1> Financial institutions (banks, banking co-operative societies and post offices) paying cash amounts to a recipient from the recipient's accounts must deduct tax at source where aggregate cash payments in a year exceed Rs 1 crore, at 2%. If the recipient has not filed returns for the three relevant assessment years, the threshold is Rs 20 lakh, with 2% deduction for amounts above Rs 20 lakh up to Rs 1 crore and 5% for amounts above Rs 1 crore. For co-operative societies carrying on banking, the threshold is Rs 3 crore. Payments to government entities, other banks/co-operatives/post offices, authorised business correspondents and white-label ATM operators are exempt; the Central Government, with RBI consultation, may exempt or reduce rates for specified recipients.
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