Press Release by CBDT

  • Formation of Start-up grievances redressal cell

CBDT on 30.08.2019 has constituted ‘Start-up Cell’ towards redressal of grievances and mitigate tax-relatedissues in case of Start-up entities with respect to administration of the Income-taxAct, 1961.

Grievances relating to Start-ups may be filed with the O/o Under Secretary,ITA-I, Room No.245A, North Block, New Delhi – 110001 as well as online The Cell will also be accessible telephonically on 011-23095479 /23093070 (F).

  • Clarification on applicability of Tax Deduction at Source on cash

Withdrawals (Section 194N)

Due to various ambiguities related to the calculation of threshold limit of INR 1 Crore, for deduction of TDS @ 2% u/s 194N on cash withdrawals, CBDT on 30.08.2019 clarified that any cash withdrawal prior to 1st September, 2019 will not be subjectedto the TDS under section 194N of the Act. However, the threshold is with respect to the previous year, therefore,for triggering deduction, the calculation of threshold of INR. 1croreshall be counted from 1stApril, 2019.