https://www.taxtmi.com/article/detailed?id=11486 Obligation to deduct tax applies to cash withdrawals from banks, cooperative societies carrying on banking, or post offices when aggregate withdrawals in a previous year exceed prescribed thresholds, with withholding at statutory rates; specified payers and transactions are excluded, the Central Government in consultation with RBI can exempt or reduce withholding, and recipients may seek relief under the executive notification mechanism. Judicial guidance clarifies threshold computation for the previous year, commencement-date effect for actual levy, deductor liability as deemed assessees, and availability of rectification and administrative remedy routes. en-us Mon, 12 Jun 2023 12:42:25 +0530 Mon, 12 Jun 2023 12:42:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11486 Obligation to deduct tax applies to cash withdrawals from banks, cooperative societies carrying on banking, or post offices when aggregate withdrawals in a previous year exceed prescribed thresholds, with withholding at statutory rates; specified payers and transactions are excluded, the Central Government in consultation with RBI can exempt or reduce withholding, and recipients may seek relief under the executive notification mechanism. Judicial guidance clarifies threshold computation for the previous year, commencement-date effect for actual levy, deductor liability as deemed assessees, and availability of rectification and administrative remedy routes. Articles Income Tax Mon, 12 Jun 2023 12:42:25 +0530 https://www.taxtmi.com/article/detailed?id=11486