CLARIFICATION NEED FOR TDS U/S 194N OF THE INCOME TAX ACT

This query is : Resolved

raghavendra b (Querist)
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26 July 2021 DEAR SIR,

ONE OF MY CLIENT UNKNOWINGLY WITHDRAWN MORE THAN 2000000/- LAKHS RS. IN HIS SAVING BANK ACCOUNT. BANK PEOPLE TDS DEDUCTED AS PER U/S 194N. NOW HE DOING WHOLESALE BUSINESS OF SILK. THE TRASACTION IN THE BANK ACCOUNT ALMOST HIS BUSINESS TURNOVER MEANS HE RECEIVED AMOUNT FROM HIS CUSTOMER AND PAYMENTS TOWARDS PURCHASES. NOW WHILE FILING INCOME TAX RETURNS AS PER U/S 198 OF THE INCOME TAX ACT CASH WITHDRAWLS IS NOT AN INCOME. SO WHICH HEAD TO BE SHOWN IN THE RETURNS TO CLAIM THE TDS AMOUNT. IN THE WINMAN SOFTWARE ASKS TDS WHICH HEAD TO BE CONSIDERED, GROSS RECEIPTS OFFERED- 1. BUSINESS/PROFESSION 2.CAPITAL GAIN 3.HOUSE PROPERTY 4. OTHER SOURCES 5. EXEMPT INCOME FINAL RECENTLY INSERTED 6. NA (TDS U/S 194N).

MY QUERY IS WHICH IS SUITABLE FOR SELECT TO FILE THE RETURNS. BECAUSE THE TRANSACTION DEAL WITH HIS BUSINESS TURNOVER. CAN I SELECT LAST OPTION NA ( TDS 194N) OR EXEMPT INCOME OR BUSINESS/PROFESSION.

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 July 2021 Select NA (TDS 194N).

raghavendra b

raghavendra b (Querist)
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27 July 2021 THANK YOU VERY MUCH SIR

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 July 2021 You are welcome.........

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