I am getting married this month and want to withdraw cash from my savings bank account for the wedding expenses as most vendors accept cash payments only. My withdrawals will be greater than 10 Lakh rupees. Do I need to report this transaction or am I breaching any IT Act provisions by doing so?
If you have filed ITR for all three years immediately before the previous year during which the withdrawal has made, then 2% TDS will be deducted under section 194N if the withdrawal amount exceeds 1 crore.
if no ITR is filed for any one of the three years, then 2% and 5% TDS will be deducted under section 194N if the withdrawal amount exceeds 20lakhs and one crore respectively
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