is Tds is required on withdrawal of cash more than 1 crore in a F.Y. from bank?
if yes then at what rate and who will deduct it and under what section?
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Tds on cash withdrawal
Replies (7)
Bank is liable to deduct TDS u/s. 194N for the cash withdrawal, if exceed 1 cr.; at 2% rate.
For all assesses? or it is applicable on notified assesses only?
@ Vanktesh
TDS under 194N is for all assesses
The TDS will be deducted only on the withdrawal amount exceeding 1 Crore in aggregate during the year.
TDS under 194N is for all assesses
The TDS will be deducted only on the withdrawal amount exceeding 1 Crore in aggregate during the year.
Sec 194 N w.e.f. AY 20-21
SURCHARGE ON cash withdrawal if it exceeds Rs. 1 crore .
SURCHARGE ON cash withdrawal if it exceeds Rs. 1 crore .
@ Vanktesh
Only 1% TDS on the withdrawal amount exceeding 1 Crore in aggregate during the year.
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Surcharge and Cess are IGNORED for TDS purposes .
Only 1% TDS on the withdrawal amount exceeding 1 Crore in aggregate during the year.
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Surcharge and Cess are IGNORED for TDS purposes .
1. With effect from AY 2019-20 cash withdrawal from the bank in excess of Rs. 1 crore will attract TDS u/s 194N @ the rate of 2% for the amount exceeding Rs. 1 crore. This is applicable for all the assessees.
2. No surcharge will be applicable on the above deduction.
Please correct me if the above solution has an alternative view.
@ Vanktesh
TDS rate is 2% under 194N
@ Suresh
Yes sir Thanks It's slip in writing.
TDS rate is 2% under 194N
@ Suresh
Yes sir Thanks It's slip in writing.
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