Can I withdraw morethan 3 crore cash from 3 different bank
This query is : Resolved
07 March 2020
Dear All,
I have some doubts about TDS on Cashwithdrawal from Bank.Following are my doubt please help me.
1) Can I withdraw morethan 3 crore cash from 3 different bank?
2) What is the applicability of TDS 194N in the above example?
I have some doubts about TDS on Cashwithdrawal from Bank.Following are my doubt please help me.
1) Can I withdraw morethan 3 crore cash from 3 different bank?
2) What is the applicability of TDS 194N in the above example?
08 March 2020
The limit of Rs 1 crore in a financial year is with respect to per bank or post office account and not a taxpayer’s individual account. For example, a person having three bank accounts with three different banks, he can withdraw cash of Rs 1 crore * 3 = Rs 3 crores without any TDS.
08 March 2020
You cant withdraw more than 3 cores .
1crore per bank.
Beyond this limit shall attract Tds @2% on the entire amount under section 194N.
It's a new section and it is applicable from AY-2020-21 Only
08 March 2020
Seems TDS @ @2 % attracts on the excess over Rs. 1 crore per bank in a financial year.
31 August 2020
In case the individual receiving the money has not filed income tax return for three years immediately preceding the year, then the TDS is 2% on the cash payments/withdrawals of more than Rs 20 lakh and up to Rs 1 crore, and 5% for withdrawal exceeding Rs 1 crore.
The e-filing website of the income tax department has introduced the facility to check whether the individual has filed ITR for last three financial years or not and the rate of TDS leviable on the amount of cash withdrawn.
The e-filing website of the income tax department has introduced the facility to check whether the individual has filed ITR for last three financial years or not and the rate of TDS leviable on the amount of cash withdrawn.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Reporting Income under Section 44ADA
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
