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Consolidated Wages

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(Querist)
07 December 2019 We required to pay Consolidated Wages around 18 Lakhs per month in terms of CASH. For that we required to withdrawn cash from bank every month. Now, as per new section 194N, Cash withdrawal >1Crore TDS is deducting by bank.. what is the solution for way to pay wages.

Please suggest us by way of legality of income tax
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 December 2019 Continue to pay wages as already done not a problem. TDS deducted can be adjusted in yearly tax payment.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 December 2019 To avoid TDS pay the wages through bank transfer all persons will be having bank account now.
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thotasrinivas

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thotasrinivas (Querist)
04 September 2020 If we paid through bank any need to contribute to EPF & ESI? Any legal issues raise on it?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 September 2020 EPF and ESI compliance required if applicable.
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