banner_ad

TDS on cash withdrawal....?

Others 414 views 3 replies
whether limit of 1cr is computed bank wise or all bank transaction in aggregate.
Replies (3)

As per bank..... 

 

1. Per bank is considered. As it would be wise to see here that one bank cannot track or ask the customer how much you have withdrawn from other banks to check the limit of Rs. 1 crore for the purpose of deduction of TDS u/s 194N @ 2% of the amount in excess of Rs. 1 crore. 
2. Only the bank in which he is withdrawing cash more than Rs. 1 crore will come within the purview of sec 194N. 
Please correct me if the above solution has an alternative view. 

As per Sec 194 N :
inserted from sept 2019
the deductor can be tge following:
a bank,
co operative , post office who is responsible for paying any sum in cash to an accountholder is required to deduct tax at source .
limit is 1 crore
tax is deductible at the rate of 2 % of payment exceeding Rs.1 crore.
lower tds cettificatr not possible.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details