Section 194NF????

dear colleagues,
gud noon,
please briefily explain section 194NF... ye mere client k 26AS ME show ho rha hai..
Replies (6)
Quick Summary
This discussion clarifies a common query regarding Section 194N of the Income Tax Act, which pertains to Tax Deducted at Source (TDS) on cash withdrawal transactions exceeding ₹1 crore. It appears the user was seeing '194NF' in their 26AS statement, which is a typo; the correct section is 194N. This section applies when a bank deducts TDS on significant cash withdrawals. The advice provided is that this deducted TDS can be claimed as a credit against tax liability or as a refund by filing an income tax return.

Section 194N is for cash withdrawal transactions where transactions of more than 1 crores rupees are reported by banks

194NF is not there. it should be 194N, you must have withdrawn cash from you account that is why banker has deducted TDS and same can be taken as credit while paying taxes or if you don't need to pay taxed then you can claim as refund by filing return.

Yes siva

Hi even I'm facing the same issue. How did you solve it?

Whether your issue got resolved ?

hOW to solve this issue ?

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