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@ EconomicTimes

Tax changes that are effective from 1 September 2019

Personal income tax returns had to be filed by August 30 to avoid penalties. Effective from September 1, 2019, here are five things that have changed: 1) If you buy a house, TDS will increase as it will be levied on amenities like parking and club membership 2) Cash withdrawals exceeding Rs 1 crore will be liable to 2% TDS 3) Professional and contractors payment exceeding Rs 50 Lakhs per year will be liable to 5% TDS 4) If you state Aadhar not linked to PAN, you will receive a new PAN from the income tax department 5) Amnesty scheme is now live to clear pending tax due cases and offer partial relief.

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