Quick Summary
Section 194N of the Act provides that a banking company or a co-operative society engaged in carrying on the business of banking or a post office, which is responsible for paying any sum to any person (referred to as the recipient) shall, at the time of payment of such sum in cash, deduct an amount equal to two per cent of such sum, as income-tax. The requirement to deduct tax applies only when the payment of amount or aggregate of amount in cash during the year exceeds one crore rupees. 2. H
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1999
(Excl. of GST ₹359)
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3499
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999
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FAQ :
The new limit for co-operative societies to withdraw cash without TDS is £3 crore per financial year.
The previous limit for cash withdrawals without TDS for co-operatives was £1 crore.
This amendment takes effect from 1st April 2023.
This change specifically affects co-operative societies engaged in the business of banking.
TDS stands for Tax Deducted at Source. It's a tax deducted by the payer at the time of making specified payments.
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