CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

TDS on cash withdrawal above 1 crore to discourage cash transactions

Posted on 05 July 2019

LinkedIn


In order to further discourage cash transactions and move towards less cash economy, it is proposed to insert a new section 194N in the Act to provide for levy of TDS at the rate of two per cent on cash payments in excess of one crore rupees in aggregate made during the year, by a banking company or cooperative bank or post office, to any person from an account maintained by the recipient. It is proposed to exempt payment made to certain recipients, such as the Government, banking company, cooperative society engaged in carrying on the business of banking, post office, banking correspondents and white label ATM operators, who are involved in the handling of substantial amounts of cash as a part of their business operation, from the application of this provision. 

It is proposed to empower the Central Government to exempt other recipients, through a notification in the official Gazette in consultation with the Reserve Bank of India. This amendment will take effect from 1st September, 2019. [Clause 46]  

Tags :






Trending Tags
gstr 3b
dvat
career
ca exams
ca rankholder interview
gst
gst council meeting
VAT
itr
accounts
tds
Excise
tin nsdl
cag
newgstreturn
Professional Resource
taxpayers
coronavirus
exams
icai
audit
corporate law
ca
close
GST Live Class