if tds is deducted Under 194n then on e filling portal in which head such income is to be shown. as after importing 26as on the column it is asking for source of income from which tds is deducted on tds page.
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Quick Summary
This discussion addresses a common query regarding the e-filing portal's requirement to specify a 'source of income' when TDS has been deducted under Section 194N. Participants clarify that Section 194N relates to TDS on cash withdrawals exceeding certain limits and is not income-based. Therefore, there is no corresponding income head to declare, and the issue appears to be a system limitation within the Income Tax Department's ITR filing process.
if tds is deducted Under 194n then on e filling portal in which head such income is to be shown. as after importing 26as on the column it is asking for source of income from which tds is deducted on tds page.
It is a tool of Tracking CASH TRANSACTION
Amount on which TDS deducted under section 194N is not a Income as per Income Tax Act.
Section 194N, is relating to TDS on cash withdrawal in excess of 1 crore, this section is not related to any Income, So, there is no need to fill up this column/head of income or show any corresponding Income.
kindly let me know 1.Is to select head of income is compulsory as per system?... system allowing you to file without that . 2. Which ITR you are filing?...and in which way, through utility or online.
I think this is a issue with departments ITR System, bacause all other TDS is income based TDS, for which we have to mention head of income compulsory and we can, but New section 194N is not income based, it's based on cash withdrawal so, there is not a income.
I think effect of new section is not considered by department in ITR system. Department have to improve this.
IF you can put "-" dase in head of income (if system allow) than put that and file return, other wise there is no option, according to me
Section 194N of the union budget 2019 was initiated for taxpayers who had cash withdrawals of more than 1 crore in any fiscal year. To comply with the conditions in the union budget 2020, the number of TDS that can be deducted was reduced to 20 lakhs for taxpayers who had not filed returns in the preceding three years.
Paying 2 percent in interest for individuals who withdrew above 20 lakhs is mandatory according to the provisions mentioned in the union budget. This article let us further understand Section 194N TDS on cash withdrawals above 1 crore.
What is section 194N?
When an individual has a cash withdrawal of more than 1 crore in any fiscal year, the provisions of section 194N apply. This section applies to all sums or aggregations of money withdrawn from a single tax-payer.....
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