if we have already cash withdrawal 1.5 cr rupees from bank From date 01/04/2019 to 31/08/2019
and after that we will withdrawal 90 lac rupees more in sep month than tds will duduct by bank or not ?????
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When will the tds duduct by bank
Replies (4)
Yes, it will be deducted @ 2% on the amount withdrawn.
please read the full question
Yes, the answer is same...
Yes TDS @ 2% u/s 194N of the Income Tax Act 1961 will be deducted if your CASH WITHDRAWAL from Banks and Post Offices exceeds Rs. 1 Crore.
In order to discourage cash transactions and move towards less cash economy, a new Section 194N has been proposed to be inserted in the Income-tax Act. As per this new provision, tax shall be deducted by a banking company or co-op. bank or post office at the rate of 2% from the amount withdrawn in cash from any account (saving or current account) if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the year.
This Section ( 194N ) will be applicable w.e.f 01.10.2019 ( 1st SEPTEMBER 2019 ).
Warm Regards.
In order to discourage cash transactions and move towards less cash economy, a new Section 194N has been proposed to be inserted in the Income-tax Act. As per this new provision, tax shall be deducted by a banking company or co-op. bank or post office at the rate of 2% from the amount withdrawn in cash from any account (saving or current account) if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the year.
This Section ( 194N ) will be applicable w.e.f 01.10.2019 ( 1st SEPTEMBER 2019 ).
Warm Regards.
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