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Section 194 NF

ramu ajay (25 Points)

08 August 2021

How to file income tax return on section 194NF,

Which ITR form should be selected??

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21 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 08 August 2021

194NF??

Ankit Neema (2742 Points)
Replied 08 August 2021

If TDS deducted in 194N, then selection of itr depends on your sources of income

prasanth (ipcc) (209 Points)
Replied 08 August 2021

Ramu please mention correct section

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 08 August 2021

What is the source of the income?

ramu ajay (25 Points)
Replied 08 August 2021

section 194 N and 194 NF are same

ramu ajay (25 Points)
Replied 08 August 2021

Originally posted by : Sourav
	What is the source of the income?

Cash withdrawal exceed 20 lakhs..TDS is deducted at the Rate 2%

sabyasachi mukherjee (26037 Points)
Replied 08 August 2021

Sec 194 N stands for business entities.
The querist must know that.
Sec 194NF IS NOT THERE.

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 08 August 2021

So file ITR according to your nature of income and claim TDS refund

sabyasachi mukherjee (26037 Points)
Replied 08 August 2021

Selection of ITR IS ACCORDING TO THE FOLLOWING:
1. SOURCE OF INCOME

2.QUANTUM OF income
3. Category of assesse

Ashish Saini (Self Employed at Ashish Saini & Associates) (180 Points)
Replied 25 October 2021

Please look

"Sec 194NF IS NOT THERE."

Attached File : 144023 20211025124825 section 194 nf.jpg downloaded: 261 times

cma asso (2 Points)
Replied 14 January 2023

we find sometimes 194nf in 26. though it is for 194n. as it is for withdrawal of cash, it is not an income.

Eternal Blizzzard (12 Points)
Replied 19 June 2023

what did you do bro same issue 194NF for me, it is showing as income when filing ITR but it is just cash withdrawls u/r sec 194N and if i wont include this, ITR becomes defective please any one i need info on how to proceed furthur.

Thanks

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Rasik Accounts (2 Points)
Replied 27 June 2023

section 194NF BHI HOTA HAI PAR AGAR BANK NE GALTI SE 194NF DAAL DIYA HAI CASH WITHDRAWAL KE LIYE TO DEFECTIVE RETURN KA NOTICE AA JAYEGA......ISLIYE BANK SE BOLO TDS RETURN REVISE KRE

sukhwani keyur (588 Points)
Replied 20 July 2023

Same issue with me. TDS deducted u/s 194NF. What to show source of income ? It is just cash withdrawal. Assessee is agent of White label ATM operator that why there are large cash withdrawals because they withdraw cash from bank account and deposit it in ATM. So it is not their income.