Regarding Cash withdrawal tds
This query is : Resolved
04 October 2021
Dear Sir/ Madam,
New firm which was established in oct 2020 and there is no any ITR Return file due to newly firm established, then in this condition if customer withdraw cash from there bank account above Rs.20,00,000/- then how to work section 194N? can bank deduct tds Above Rs.20 lacs tds @2% and above 1 Cr tds @5% . Please give some guidlines and any notification
New firm which was established in oct 2020 and there is no any ITR Return file due to newly firm established, then in this condition if customer withdraw cash from there bank account above Rs.20,00,000/- then how to work section 194N? can bank deduct tds Above Rs.20 lacs tds @2% and above 1 Cr tds @5% . Please give some guidlines and any notification
04 October 2021
Yes, TDS applicable on such cash withdrawal. File ITR and claim refund in case of no taxable income.
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
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Eway bill generation from place other than registeted
- Condonation . E-Verification of last year return .
- FTS Taxable under 115A
- Rental income gst and it purpose
- Experts need help
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
