TDS threshold for co-operative societies increased, altering cash withdrawal TDS applicability and retaining higher deduction rates for non-filers. The Finance Bill, 2023 amends Section 194N to treat co-operative societies as if the statutory cash-withdrawal TDS threshold were replaced by a higher ... Summary
TDS threshold for co-operative societies increased, altering cash withdrawal TDS applicability and retaining higher deduction rates for non-filers.
The Finance Bill, 2023 amends Section 194N to treat co-operative societies as if the statutory cash-withdrawal TDS threshold were replaced by a higher threshold for the purpose of that section, effective from the start of the next financial year, while preserving the existing non-filer deduction rates and the statutory definition of non-filer.
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