Union Finance Minister Nirmala Sitharaman in her maiden budget speech announced some income tax-related changes which will come into effect from September 1, 2019. Cash withdrawals exceeding INR 1 crore in aggregate in a year from finance institutions will attract TDS while in case of property transactions, the definition of immovable property has been broadened to include charges like club membership fee and car parking fee for TDS levy. Also, in another income tax rule change, a higher TDS will be levied if life insurance maturity proceeds received are taxable in your hands. Here is a 5-point explainer of new tax-related changes that have come into effect in India from September 1.
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