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If an individual has not file his income tax return (ITR) from last three financial years and cash withdrawal more than 20 lakhs from saving or current bank account in a financial year, then TDS will be levied under section 194-N of the Income Tax Act 1961. In a financial year exceed 20 lakhs 2% TDS will be levied..

Budget 2019 Income Tax Slab Rates Changes Expectations : Individuals have a gross income of Rs 6,50,000 (Six lakh fifty thousand) will have not to pay tax if they make an investment. Mr. Goyal also said standard deduction would be a hike from Rs 40,000 (Forty Thousand) to Rs 50,000 (Fifty Thousand). etc....