TDS ON CASH WITHDRAWAL U/S 194N

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CA Nidhi Kanabar (Querist)
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08 January 2024 Hello,

Bank has dedcuted TDS on cash withdrwal@ 2% on cash withdrwal during the year 2023-24 even though My client has newly incporporated in the Last year i.e FY 2022-23 only and filed income tax return in the last year i.e 2022-23 1st time
my client have given letter to bank as TDS u/s 194 N not applicable to us as we are newly incorpated not to deduct tds even though tds deducted by bank aslo bank has mailed to my client that No relaxation has been given by income tax department to newly established firm. Hence tax will be applicable on cash withdrawal in excess of 20Lakh. Kindly refer section 194N for more details.

please clarify this section nothing mentioned in the section that its relaxation for newly incorporated

Manish

Manish (Expert)
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08 January 2024 What is the amount of cash withdrawal?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 January 2024 TDS not applicable upto 1 crore cash withdrawal in case PAN number is given.

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