Which return file when tds deducted in sec. 194N salary person
SANTOSH MEENA (10 Points)
11 August 2021
which return file when tds deducted in sec. 194N of salary person.
5 Replies
Aniruddha Patra
(150 Points)
Replied 11 August 2021
Sec 194N is applicable on banking co or cooperative society bank or post office, when any person withdraw cash exceeds 1 crore during the previous year either single or more than 2 transactions then they are deduct TDS in excess of 1 crore money @ 2%.
You should file itr 1 bcz u r a salary person.
You should file itr 1 bcz u r a salary person.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 11 August 2021
If tax is deducted at source u/s 194n, then ITR 1 cannot be used. So ITR 2 probably.
Aniruddha Patra
(150 Points)
Replied 11 August 2021
Yes, itr 1 is used whose income upto 50 lakhs, in excess 50 lakhs should file itr 2.
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 11 August 2021
Yes, I will agree with CA Purnima. If TDS has been deducted u/s 194N then ITR 1 cannot be filed by the taxpayer for salary income. Proceed with ITR 2
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