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TDS calculation

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493 Points Posted on 27 September 2020
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.
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On 27 September 2020 at 13:28 Report
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Tax and Business Consultant
11616 Points Posted on 27 September 2020
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/-
66 Reply
On 27 September 2020 at 13:49
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493 Points Posted on 27 September 2020
Thanks sir I was just confirming that TDS will cut on whole amount i.e 21lakh or amount exceeding 20lakh
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On 27 September 2020 at 15:17
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Tax and Business Consultant
11616 Points Posted on 27 September 2020
Ok, it's on amount exceeding 20 Lakh only.
66 Reply
On 27 September 2020 at 15:55
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493 Points Posted on 27 September 2020
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
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On 27 September 2020 at 17:10
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Tax and Business Consultant
11616 Points Posted on 27 September 2020
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.
66 Reply
On 27 September 2020 at 18:33


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