The regulators have always been making regular changes in Income Tax act. Here are some major recent amendments done:

1. TDS on additional payment made when purchasing immovable property. From 01st September, 2019 onwards TDS shall be deducted on all additional payments such charges of the nature of club membership fee, car parking fee, electricity and water facility fees, maintenance fee, advance fee or any other charges of similar nature, which are incidental to the transfer of immovable property.

2. TDS on cash withdrawals from bank accounts – As per Section 194N, the TDS can be levied at the rate of 2 % on cash payments worth more than INR 1 crore in aggregate made within the year, by a cooperative bank, a banking company, or post office to any individual from an account, which is maintained by the recipient

3. Interchangeability of Pan and Aadhaar Union finance minister Nirmala Sitharaman in her Budget speech had announced that taxpayers who don’t own a PAN card (Permanent Account Number) can now file Income Tax returns with their Aadhaar Card also. The FM allowed the interchangeability of PAN and Aadhaar card for filing tax returns.