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Regarding Cash withdrawal tds

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(Querist)
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
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 October 2021 Yes, TDS applicable on such cash withdrawal. File ITR and claim refund in case of no taxable income.
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