Section 194 NF

Same issue here ... what to do ? 44000 tds stuck due to defective return ...

yes please guide anyone. 26 as me 1 amount ki 3 entry hai. 1 plus ki 1 minus ki. aur net plus aa rha hai sal bhar ka. what is this 194 NF. i think ye bank walo ke sath ho rha hai maximum

So many are facing same issue one my client had same query and defective of ITR Section 194N represents cash withdrawals by an income tax filer  which was not an income section but Section 194NF represents income distributed by an business trust or investment funds which represents income section but form 26Q(TDS return filing) contains section 194NF as TDS on cash withdrawals by non Income tax filers, because of these assessee's returns are got defective, the only solution i know as per my knowledge has to rectify TDS return with the banker with section 194N instead of 194NF

Dear Sir/Madam,  

Same issue for defective return due to 194nf..  time limit to rectify only 15 days.  But it is very doubtful that the banker rectify the same issue within this short period.  If not done what to do ?  Or we reply to defective return as Disagree.  Because  error comes by banker for  filling his correct TDS return against cash withdrawal  u/s 194NF instead of 194N.

Reply to defective return notice and disagree with notice. Because if we will not give reply within 15 days original return would stand invalid. So first reply to notice and bank will not rectify within such a short time. After that give application to bank or communicate with their tax or finance team to rectify or revise their tds return.

Section 194NF applies to any income distributed by a business trust or investment fund to its unit holders. It states that any person responsible for making the payment of such income shall deduct tax at the rate of 10% at the time of making the payment.

THE MISTAKE DONE BY YOUR BANKER WHILE FILING TDS RETURN ITS MENTION WRONG SECTION SO GO TO BANKER AND ASKED THEM FOR CORRECTION.

OR YOU HAVE TO SHOW CASH WITHDRAWAL AS ABOVE INCOME UNDER BUSNIESS INCOME AND PAY THE TAX ON SAME.

BEST IS TO FILE RETURN CONSIDERING 194N SECTION AND ASKED YOUR BANKER TO CHANGE HEAD

To fix this, you should rectify the TDS return with the correct section 194N instead of 194NF. This will resolve the issue for the affected assesses.