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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
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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 .
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