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TDS calculation
Friends please tell me that what amount will cut as TDS if I cash withdraw 21 lakh from bank and I didn't file any ITR from last 3 years.
Replies (5)
194N provides that if person withdrawing cash has not filed return of income for three previous years, tax shall be deducted at the rate of 2% on cash withdrawal exceeding Rs. 20 lakhs and 5% on cash withdrawal exceeding Rs. 1 crore."
So, in your case TDS of 2% on Rs. 1,00,000/-
So, in your case TDS of 2% on Rs. 1,00,000/-
Thanks sir I was just confirming that TDS will cut on whole amount i.e 21lakh or amount exceeding 20lakh
Ok, it's on amount exceeding 20 Lakh only.
Sir I want to confirm one more thing that if someone withdrew Cash Rs 1core 1 lakh and condition is same that he has not file his itr from last 3 year than TDS will deduct 2% on 80 lakh i.e 1.6 lakh and 5% on 1lakh i.e 5000 means total TDS will deduct 1.65 lakh
Yes, Perfect.....
TDS will be deducted @ 2% on 80 Lakh i.e 1.6 Lakh and @ 5% on 1 Lakh i.e 5000, total Rs. 1.65 Lakh.
TDS will be deducted @ 2% on 80 Lakh i.e 1.6 Lakh and @ 5% on 1 Lakh i.e 5000, total Rs. 1.65 Lakh.
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