A PERSON DOING PAWN BROKING HE REPLEDGE WITH BANK AND CASH WITHDRAWAL AROUND 40 LAKHS,FOR THIS A TDS AMOUNT RS.40000/- CAN I DECLARE 4000000/- AS GROSS RECEIPTS U/S.44AD @ 8% PROFIT?
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INTEREST INCOME DECLARED
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Quick Summary
Pls pòst last year itr acknowledgement
sir ,
New case actually bank deduct tds for 2 years and declare tds in current year only (f.y 22-23).He asking two years refund but tds still not nreflct in 21-22 26AS.
Cash withdrawal TDS under 194N for a pawn broker:
• Banks deduct TDS under 194N (2%) on cash withdrawals exceeding Rs 1 crore in a year (Rs 3 crore for co-operative societies), or above Rs 20 lakh if the person hasn't filed ITRs for the 3 preceding years. That TDS isn't on income. It's tax paid on your behalf.
• Claim the 194N TDS in your ITR against your total tax. Pawn broking income (interest on loans) is business income. Report it with books.
• TDS under 194N is reported against the withdrawal amount, not income, so don't treat the withdrawal as income.
• Pawn brokers may get exemption from 194N on notification (some categories like co-op banks, white-label ATM operators, and those notified by the government are exempted).
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