Choice itr form

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24 Points Posted on 27 July 2021
What type of itr is to be filled if tds has been deducted u/s 194N.Thanks.
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On 27 July 2021 at 12:12 Report
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This discussion clarifies which Income Tax Return (ITR) form to file when Tax Deducted at Source (TDS) under Section 194N applies, particularly for individuals with salary income. While ITR-1 is generally for salary income, TDS u/s 194N on cash withdrawals exceeding certain thresholds (Rs 20 lakh to Rs 1 crore, or over Rs 1 crore) necessitates careful consideration. The consensus is that if you have only salary income and TDS has been deducted under this section, you can still file ITR-2 to claim the TDS refund, even if you've previously used ITR-1.

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Chartered Accountant
24588 Points Posted on 27 July 2021
What is the nature of income
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On 27 July 2021 at 16:33
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24 Points Posted on 27 July 2021
Salary income only.
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On 27 July 2021 at 17:32
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Chartered Accountant
24588 Points Posted on 27 July 2021
File ITR 2
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On 27 July 2021 at 17:45
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2742 Points Posted on 27 July 2021
Did you withdraw cash more than 1 crore ?
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On 27 July 2021 at 18:47
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24 Points Posted on 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.
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On 27 July 2021 at 19:07
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2742 Points Posted on 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.
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On 27 July 2021 at 19:17
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146 Points Posted on 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
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On 28 July 2021 at 08:34
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24 Points Posted on 28 July 2021
Cash withdrawal was more than 20 lakh but lees than 1cr.
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On 28 July 2021 at 11:17
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177 Points Posted on 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)
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On 28 July 2021 at 23:52
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Chief Accountant
3150 Points Posted on 29 July 2021
If you have only Salary income than you can file ITR 1 and can claim TDS deducted.
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On 29 July 2021 at 20:34

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