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What type of itr is to be filled if tds has been deducted u/s 194N.Thanks.
Replies (10)
What is the nature of income
Salary income only.
File ITR 2
Did you withdraw cash more than 1 crore ?
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.
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.
For salary income you can file ITR2, but I am also interested to know whether you have done withdrawal of cash excess Rs. 1cr
Cash withdrawal was more than 20 lakh but lees than 1cr.
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)
If you have only Salary income than you can file ITR 1 and can claim TDS deducted.
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