CBDT clarifies sec 194N on cash withdrawal to come into effect from 1st Sep 2019

Last updated: 31 August 2019

In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 has inserted a new section 194N in the Income-tax Act,1961 (the Act), to provide for levy of tax deduction at source (TDS) @2% on cash payments in excess of one crore rupees in aggregate made d

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