Section 194N- TDS on Cash Withdrawal

Last updated: 22 May 2020
Quick Summary
This document explains Section 194N of the Income Tax Act, which deals with Tax Deducted at Source (TDS) on cash withdrawals. It details the revised threshold limits introduced in the Union Budget 2020, the applicability of TDS for individuals and entities, and who is responsible for deducting the tax. The guide also clarifies the different TDS rates (2% or 5%) applicable based on whether the taxpayer has filed income tax returns for the preceding three years and the amount of cash withdrawn. It's a valuable resource for taxpayers and financial institutions needing to understand these regulations.

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I have compiled all the relevant provisions and latest amendment of Section 194N which deals with TDS on Cash Withdrawal. The impact of latest 13.05.2020 press release of 25% TDS rate reduction is also covered in this. #pdf
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Submitted by · Posted 22 May 2020 · Other files by CA Pavan Sharma · Report
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