TRACES portal- Step by step guide to download Form 16B and TDS TRACES login..
TRACES - Sometimes navigating and uploading a TDS return on the TRACES portal can be difficult for some of the taxpayers. Complying with the data procedure too has been ..
TDS is a familiar term as far as it relates to income tax. Now, it prevails in Goods and Service Tax (GST) after the notification number 50/2018-Central Tax, Government notified the applicability of TDS from 1st October 2018 as the date on which the provisions of section 51 of the CGST Act comes into force. TDS is the deduction at a specified rate by the deductor. Section 51 of the Central Goods and Services Tax (CGST) Act lays down the provisions of TDS. The section starts with the..
1. What is Section 194N? Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during a financial year. The tax will be deducted by the payer(Any Bank, post office, etc) while making payment to any individual in cash from a bank account on the amount in excess of Rs 1 crore. The limit of Rs 1 crore in a financial year is with respect to per bank or post office. For example, a person having five bank..
To reduce the black money generation and flow, cash transactions need to be reduced. For this purpose, the government has taken various steps like demonetization. Section 194N is also a step taken by the Government for this purpose. Section 194N was introduced through Finance (No. 2) Act 2019 with effect from 1 September 2019. Description of the provision introduced through finance bill 2019 dated 5th July 2019. This section applies on Specific entities responsib..
Circular no. 14/2020 F. No. 370142/27/2020-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Room no. 147B-II, North Block, New Delhi, dated 20th July, 2020 Subject: Clarification in relation to noti..
1. What is TDS Section 194N? TDS Section 194N was introduced in the union budget of 2019 by the Finance Minister, Nirmala Sitharaman. The section has been further amended in Budget 2020. The section covers provisions regarding TDS on cash withdrawal. By introducing the section, the Government aimed to discourage cash transactions. This is a small step by the Central Government towards a cash-less economy. 2. What is the rate of TD..
Update: Due to COVID-19 outbreak, The due date for furnishing TDS/ TCS returns of Q4 has been further extended till 31st July 2020. What are the reasons to file a Revised TDS Return? No matter how well you prepare the TDS return, you realize that you left out some important information or made some error in the returns. Reasons can be incorrect challan details or PAN not provided or incorrect PAN ..
TDS on cash withdrawal This article briefs about the applicability of TDS rates on cash withdrawal and summarises the press release on the same that Central Board of Direct Taxes (CBDT) issued on 12-07-2020. CBDT has facilitated to ascertain TDS rates applicable on cash withdrawal. Section 194N (Introduced by Finance (No. 2) Act, 2019 This section was introduced by the Finance Minister, Smt. Nirmala Sitharaman in her budget speech, wherein, she..
In order to discourage cash transactions and move towards less cash economy, Section 194N was inserted vide Finance Act, 2019 (No.2). Following table shows the summarised details of the said section Section</..
Arjun (Fictional Character): Krishna, there has been a change in TDS on cash withdrawal u/s 194N. What are the provisions of section 194N? Krishna(Fictional Character): Arjuna, section 194N for TDS on cash withdrawals exceeding the threshold limit was introduced in Finance Act 2019 to discourage cash transactions and promote digital payments. Upto 30.06.2020, banks (private or public sector), Co-operative banks and post offices are liable to deduct ..
The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of the income-tax return. So far,more than 53,000 verification requests have been executedsuccessfully on this facility. CBDT today said that this functionality available as “Verification of appl..