Choice itr form
KHALIQUE LASKAR (24 Points)
27 July 2021
What type of itr is to be filled if tds has been deducted u/s 194N.Thanks.
10 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 27 July 2021
What is the nature of income
KHALIQUE LASKAR
(24 Points)
Replied 27 July 2021
No, it was a loan of Rs 20 lakh along with salary. whether the tds may be refunded after filling itr 2 as the itr1 has already been filled in the last three consecutive years.
Ankit Neema
(2742 Points)
Replied 27 July 2021
Please tell why tds has been done? As 194N is applicable on cash withdrawal.
You can claim the tds by filing itr.
You can claim the tds by filing itr.
AKN FINANCIALSERVICES
(146 Points)
Replied 28 July 2021
For salary income you can file ITR2, but I am also interested to know whether you have done withdrawal of cash excess Rs. 1cr
KHALIQUE LASKAR
(24 Points)
Replied 28 July 2021
Cash withdrawal was more than 20 lakh but lees than 1cr.
N Das
(177 Points)
Replied 28 July 2021
If an individual receiving the money has not filed income tax return for all the three years, for which the time limit of filing return of income under Section 139(1) has expired, immediately preceding the year, then the TDS is 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. (Amendment w.e.f 01.07.2020)
Nidhi
(Chief Accountant)
(3150 Points)
Replied 29 July 2021
If you have only Salary income than you can file ITR 1 and can claim TDS deducted.
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