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Section 194N


Jyoti Narang (Kkk)     31 July 2020

Jyoti Narang
Kkk 
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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.

avater

sabyasachi mukherjee   31 July 2020

sabyasachi mukherjee

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You know better than anyone else.

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Ravi SADhiyan (CA Final)     31 July 2020

Ravi SADhiyan
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Originally posted by : Jyoti Narang
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.

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Sagar Patel (Tax and Business Consultant)     31 July 2020

Sagar Patel
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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.

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Jyoti Narang (Kkk)     31 July 2020

Jyoti Narang
Kkk 
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Yes it's mandatory. and filling Under 44ad

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Sagar Patel (Tax and Business Consultant)     31 July 2020

Sagar Patel
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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

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sabyasachi mukherjee   31 July 2020

sabyasachi mukherjee

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Narang


source of income is not solved...

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Sagar Patel (Tax and Business Consultant)     31 July 2020

Sagar Patel
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@ Sabyasachi ji

194N is not income,
We withdraw our money from our account, so there is no question of source of income at time of withdrawal.

if we deposited some money in our account at that time, the question of source of income arise.


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