Sec. 194N

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3 Points Posted on 14 June 2021
A person who regularly files ITR on time. The same person withdraw amount from his account more than 20 lakh but less than 1 crore. Is the bank deduct TDS despite regular return filing?
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On 14 June 2021 at 22:06 Report
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Quick Summary
This discussion clarifies the applicability of Section 194N of the Income Tax Act regarding TDS on cash withdrawals. It confirms that if a person regularly files their Income Tax Return (ITR) on time and withdraws between 20 lakh and 1 crore from their bank account, TDS will not be deducted under Section 194N. The key condition for TDS deduction is exceeding a withdrawal limit of 1 crore or more.

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CMA
13117 Points Posted on 14 June 2021

No, 194N is not applicable in this case.

1 Reply
On 14 June 2021 at 22:13
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3 Points Posted on 14 June 2021
Thanks
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On 14 June 2021 at 22:22
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Student
252 Points Posted on 15 June 2021
No, TDS not applicable
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On 15 June 2021 at 08:19
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Learner
2398 Points Posted on 15 June 2021
Bank can't deduct TDS u/s 194N.
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On 15 June 2021 at 08:56
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Chartered Accountant
24588 Points Posted on 15 June 2021
No TDS is not applicable
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On 15 June 2021 at 09:46
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132 Points Posted on 15 June 2021
No. TDS is not applicable since amount is not exceeding 1 cr
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On 15 June 2021 at 17:46

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