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TDS on cash withdrawal....?
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 As it would be wise to see here that one bank cannot track or ask the customer how much you have withdrawn from other banks to check the limit of Rs. 1 crore for the purpose of deduction of TDS u/s 194N @ 2% of the amount in excess of Rs. 1 crore.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.
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.
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