Menu
Section 194 N exemption
my client is regularly filing IT Return since last 10 years. he withdraws cash Rs. 5 lakhs. bank authorities told him that if he withdraw cash more than 20 lakhs during FY they will deduct Tax. TDS
Replies (2)
Quick Summary
As per section 194N added on 01.09.2019 Banks & Post office required to deduct TDS @ 2% on cash withdrawal in excess of Rs1Cr
TDS will only be deducted on amount in excess of Rs1Cr.
Please submit to Bank Authority ,last three years returns you have filled , If not filed within time limit under section 139(1) of the I T Act ,then limit of 20 lac is applicable as per proviso in section 194 N of the Income Tax act . Inform them to confirm from Income Tax Department also .
Recent Topics :
- Query - Section 164(2)(a) – Interpretation o
- Submission for Expert Opinion on Rectification of
- NRI since March 2023 – resident savings acco
- My All-Time Top 15 Indian Web Series
- Wrong date of invoice
- Paper 6 - IBS
- Chhath Puja 2026 Dates Timing Tithi
- Tax Benefit on Second Property
- IPO application checklist: 18 rules that decide wh
- NSE IPO Price, GMP, Allotment Date and Listing
Related Topics :
CAclubindia
