Section 194N cash withdrawal

cash withdrawal by pathsanth is excluded
Replies (4)
Quick Summary
This discussion clarifies Section 194N of the Income Tax Act concerning cash withdrawals. It highlights that withdrawals permitted by the RBI for banking operations, including those by banking companies, co-operative societies, post offices, business correspondents, and white label ATM operators, are generally exempt from TDS. However, if a co-operative society's banking activities are not aligned with RBI guidelines, TDS may still apply.

Yes. Provided it has been permitted by RBI for the banking operation.

READ the provisions.....

..... Provided also that nothing contained in this section shall apply to any payment made to—

 (i)  the Government;

(ii)  any banking company or co-operative society engaged in carrying on the business of banking or a post office;

(iii) any business correspondent of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the guidelines issued in this regard by the Reserve Bank of India under the Reserve Bank of India Act, 1934 (2 of 1934);

(iv) any white label automated teller machine operator of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007):

Of banking activities for members as per co society act and not rbi guidelines then tds is deducted

For the banking operation RBI guidelines have to be followed. Without which patsanntha cannot operate.

In protest against ADMIN for its discriminatory behavior among different members, I leave the portal permanently.  Good Bye.  

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