194 N CASH WITHDRAWAL

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Hari Nair (Querist)
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24 December 2020 A person filed Return of income for AY 2018-19, AY 2019-20 & AY 2020-21.

Whether 194 N threshold limit of 20 Lakh applicable to him in the financial year 2020-21 ?

TDS on cash withdrawal above 20 lakhs applicable to him ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 December 2020 It's cash withdrawal above 1 crore not 20 lacs.

Hari Nair

Hari Nair (Querist)
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26 December 2020 Sir,

There is an amendment that recipient who has not file the returns of income for all the three assessment years the limit should be 20 Lakhs for applicability of 194 N.

so my doubt is if a person filed returns for AY 2018-19, AY 2019-20 & AY 2020-21 he will be get the benefit of 1 Crore ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 December 2020 Yes, the benefit of 1 crore available for those who filed the ITR.

Hari Nair

Hari Nair (Querist)
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26 December 2020 He has file ITR for AY 2018-19,AY 2019-20 & AY 2020-21.

But bank is saying for getting benefit in Financial year 2020-21 he has o file AY 2017-18, AY 2018-19 & AY 2019-20. Is it correct ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 December 2020 Yes, it's right...................................

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194 N CASH WITHDRAWAL

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