My bank deducted TDS on cash withdrawals exceeding Rs.20 lacs during last year( I had filed ITRs for the last 3 years, but neither the bank demanded nor I provided them copies of the returns). The amount exceeding Rs.20 lacs has been clsssifed as cash withdrawals in TIS and AIS and shown u/s 194N therein, but has been shown under Sec 194NF in stead in Form 26AS. Now IT department has served me notice to show this as income in my ITR. How to get the amount corrected as cash withdrawals u/s 194N in stead of as income u/s 194NF.
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Wrong classification of cash withdrawals as income
Replies (4)
Quick Summary
You need to discuss the matter with Bank officers. Ask them whether your PAN is reflected in non-filer's list???
Pls post the notice.
Cash withdrawals within limits is allowed.
Cash withdrawals within limits is allowed.
To claim credit for the taxes deducted under Section 194N, assessees must file their income tax returns in Forms ITR 2 or 3 only. The assessee can not claim credit of TDS under section 194N in ITR 1.
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I advised by Bank of the mistake they had made, enclosing statement of my account showing the cash withdrawals as well as form 26as showing them as income. Subsequently my CA raised a grievance on the IT web portal advising them of the mistake made by the Bank and how I had requested them to rectify it. It appears the Bank has advised IT department the correct position, by filing their revised tax return or otherwise. IT department have accented my IT return as originally filed showing the amounts as cash withdrawals.
Thanks for the responses.
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