Sec 194n tds deducted in bank account
This query is : Resolved
09 December 2021
Sir,
It assessee cash withdrawal rs:1,50,000/- dt: 20-11-21 sec 194n tds deducted rs:3000/- @2 percent debited to bank account.
Question:
1.sec 194n tds deducted limit
2.accounting entry passed procedure in books
3.sec 194n tds deducted amount claim allowed.
It assessee cash withdrawal rs:1,50,000/- dt: 20-11-21 sec 194n tds deducted rs:3000/- @2 percent debited to bank account.
Question:
1.sec 194n tds deducted limit
2.accounting entry passed procedure in books
3.sec 194n tds deducted amount claim allowed.
09 December 2021
1. The payer will have to deduct TDS at the rate of 2% on the cash payments/withdrawals of more than Rs 1 crore in a financial year under Section 194N.
In case the individual receiving the money has not filed income tax return for three years immediately preceding the year, then the limit of tax deduction is Rs 20 lakh.
The TDS will be deducted at:
-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.
In case the individual receiving the money has not filed income tax return for three years immediately preceding the year, then the limit of tax deduction is Rs 20 lakh.
The TDS will be deducted at:
-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.
Message likes :
1 times
09 December 2021
2. Dr. Cash ......... Rs. 1,47,000/-
Dr. TDS deducted Rs. 3,000/-
Cr. Bank ........ Rs. 1,50,000/-
3. Yes, TDS deducted u/s. 194N can be claimed while filing relevant ITR.
Dr. TDS deducted Rs. 3,000/-
Cr. Bank ........ Rs. 1,50,000/-
3. Yes, TDS deducted u/s. 194N can be claimed while filing relevant ITR.
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
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- Agriculture income or business income
- Internship/Academic shown in Salary Pay Slip of a Doctor
- 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
CAclubindia
