"DR .B. RAMASWAMY*** (AUTHOR & LEGAL EXPERT) *** CHAIRPERSON (THE PRESIDING OFFICER ) STANDING APPELLATE COMMITTEE OF AICTE, GOVT OF INDIA. SENIOR STANDING COUNSEL, MADRAS HIGH COURT FOR INCOME TAX DEPT, MINISTRY OF FINANCE, GOVT OF INDIA. SENIOR STANDING COUNSEL – SUPREME COURT OF INDIA & DELHI HIGH COURT FOR EdCIL, MINISTRY OF EDUCATION, GOVT OF INDIA. ADDL GOVT PLEADER (AGP) MADRAS HIGH COURT, FOR GOVT OF PUDUCHERRY. THE AUTHOR CAN BE REACHED AT MAIL: swamyjustice@gmail.com"
TDS on Cash Withdrawals – Section 194N of Income Tax Act, 1961: Section 194N provides that every banking company, cooperative bank, or post office shall be required to deduct tax at source from any sum paid in cash from one or more accounts maintained by the recipient. The tax shall be deducted at the rate of 2% or 5% as the case may be
TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments.
