banner_ad

Section 194 N exemption

206 views 2 replies
User Avatar

669 Points Posted on 22 October 2020
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
Reply Share Follow
On 22 October 2020 at 16:44 Report
Replies (2)
User Avatar

11 Points Posted on 22 October 2020

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.

Reply
On 22 October 2020 at 18:10
User Avatar

3924 Points Posted on 23 October 2020
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 .
5 Reply
On 23 October 2020 at 07:46


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details