5 income tax rule changes that came into force this month, Give us opportunity to serve you regarding it.

By Anonymous

➡️Here are some amendments to the Income Tax Act affecting individuals that have taken effect from 1 September 2019:


  • Any Individual Who sells their house and its income exceeds ₹50 lakh in a financial year.  He has to pay 5% as TDS to the government immediately and as to deposit by using the PAN number of that individuals. for this TAN number is not required
  • TDS will be deducted at 1% if total consideration paid on transfer of immovable property, including payments such as club membership fees, maintenance fees, advance fees, car parking fees, electricity, and water facility, exceeds ₹50 lakh.
  • Interchangeability of PAN and Aadhaar: when a person links their PAN to their Aadhar.and then if is PAN is not allotted. then he/she can quote allowed the  Aadhar number instead of PAN number. Then such a person can allotted to PAN while filing the Income Tax.
  •  On Cash Withdrawal from Cooperative Bank or Postoffice and If Amount exceeds Rs 1 Crore. TDS is Dedicate  @ 2%.
  • TDS for life insurance. TDS at 5% on the income comprised therein, instead of 1% on the gross proceeds earlier and There is no TDS will charge sum payment is less than ₹1 lakh or if the sum is received on the death of the insured person.

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