TDS U/S 194NF: Claiming Refund on Cash Withdrawal TDS

This query is : Resolved

Quick Summary

A client had TDS deducted under Section 194NF on a significant cash withdrawal. The query confirms that if this TDS is reflected in your 26AS, you can claim a refund by filing a revised Income Tax Return. The deadline for filing a revised return is 31st December 2024. Simply import your 26AS details into your Income Tax Return and file; no additional disclosures are required for this specific TDS deduction.

Sagar Panchal

Sagar Panchal (Querist)
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18 November 2024 Dear Sir/Madam

A client's TDS is deducted 1,24,705/- U/s. 194NF on transaction of cash withdraw from bank of Rs.6,23,523/- @20% which was updated after July 2024 in my 26AS, now can I claim the TDS to my revised return and get refund?

Gokul Sharma

Gokul Sharma (Expert)
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18 November 2024 IS IT SHOWING IN YOUR 26AS ?

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Sagar Panchal

Sagar Panchal (Querist)
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18 November 2024 Yes sir showing in 26 AS

CA Puja Sharma

CA Puja Sharma (Expert)
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18 November 2024 If it is reflecting in 26AS then you can claim the refund by filing your Income Tax Revised Return.
The return can only be revised upto 31st December 2024

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Sagar Panchal

Sagar Panchal (Querist)
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18 November 2024 Thanks for your guidance, pls tell is anything to report in Revised ITR ? As its only TDS on cash withdrawals only. nothing to report in this just import TDS in ITR and file. its ok ? because me little confused Section 194N and 194NF. is its simply import 26AS in ITR and just file revised return ?