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?
Bank is liable to deduct TDS u/s. 194N for the cash withdrawal, if exceed 1 cr.; at 2% rate.
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.
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