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)
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 Threads
- Only a Few Pages Indexed by Google Despite Sitemap
- Share sale by promoter of public limited company
- Individual working for a firm to take sales orders
- BIN view site not working
- Settlement of advance by customer
- GST chow cause notice
- Un claim ITC
- Form 49AA - OCI card holder applying for PAN card
- Section 54f and Sale between father and Son.
- Demat of shares of private limited company
Related Threads
CAclubindia
