Income Tax - Section 194N under Income Tax Act have been introduced detailing the provisions of TDS on Cash withdrawals vide union budget 2023...
Read MoreIncome Tax - TDS Rate Chart for Financial Year (FY) 2023-2024 / Assessment Year (AY) 2024-2025 including Budget 2023 Amendments Tax Deduction at Source (TDS) is one of the important compliances for Income Tax Assessee. There are various sections in Income Tax Law, which specify different TDS rates, nature of payment & its threshold limits for TDS....
Read MoreIncome Tax - Section 194N - Threshold limit for co-operatives to withdraw cash without TDS increased to Rs. 3 crore from existing 1 crore with effect from 01.04.2023...
Read MoreIncome Tax - Section 194N is applicable on withdrawals of more than Rs 1 crore from banks/co-operative bank/post office during a financial year. It will apply to the withdrawal of all the sums of money or an aggregate of sums from a particular bank/co-operative bank/post office in a financial year....
Read MoreIncome Tax - Applicability of TDS under Section 194N: Whenever any Banking Company (within the meaning of Banking Regulation Act, 1949), Cooperative Bank or a post office pays any amount or aggregate of amount as the case may be, in cash exceeding One crore to any person from one or more accounts during previous year, they are liable to deduct TDS equ...
Read MoreIncome Tax - The financial implementation of deduction of tax under section 194N of the Income-tax Act, 1961 in case of primary cooperative societies depends on the quantum of cash withdrawn in excess of specified amount, availability of Permanent Account Number and whether such societies have filed their returns of income for specified assessment yea...
Read MoreIncome Tax - The Rajasthan High Court, Jaipur in the matter of, Abhay Singla v. Union of India, has recently issued notice in a public interest litigation challenging the constitutionality of Section 194N of the Income Tax Act, 1961....
Read MoreIncome Tax - As per Sec 194N of the income tax act, TDS is to be made -@ 2% if the aggregate cash withdrawal/s exceeds 1 crore – where the ITR is filed for the preceding previous year. -@ 2%, where withdrawal exceeds Rs.20 lakhs but not Rs.1 crore, @ 5% where withdrawal exceeds Rs. 1 crore — […]...
Read MoreIncome Tax - Addressing the concerns raised by Agriculture Produce Market Committees (APMCs), it has been decided not to levy the 2% TDS on cash payments above Rs 1 crore made through APMCs, in order to make immediate payments to farmers for their produce. Further to the announcement made by Smt@nsitharaman on 23-08-2019, an additional 15% depreciatio...
Read MoreTyroon Tea Company Limited & Anr. Vs Union of India Ors. (Calcutta High Court) - Tyroon Tea Company Limited & Anr. Vs Union of India Ors. (Calcutta High Court) In this writ petition, petitioners have challenged the constitutional validity and legality of section 194N of the Income Tax Act, 1961 which mandates the deduction of tax at source at the rate of 2% on cash withdrawa...
Read MoreApeejay Tea Ltd. Anr. Vs Union of India & Ors. (Calcutta High Court) - Apeejay Tea Ltd. Anr. Vs Union of India & Ors. (Calcutta High Court) Calcutta High Court passes landmark interim order in petition challenging constitutional validity of section 194N of the Income Tax Act, 1961 which mandates the deduction of tax at source at the rate of 2% on cash withdrawals f...
Read MoreTirunelveli District Central Cooperative Bank Limited Vs JCIT- TDS (Madras High Court) - The issue under consideration is whether TDS on Cash Withdrawal u/s 194N is applicable even though the sums withdrawn is not constitute income in the hands of the recipient?...
Read MoreNotification No. SB Order No. 05/2021 - (09/03/2021) - Deduction of TDS in respect of aggregate Cash Withdrawal above Rs. 20 lakh by an account holder of National (Small) Savings Schemes for non ITR filer under section 194N of I.T. Act 1961....
Read MoreCircular No. 14/2020-Income Tax - (20/07/2020) - CBDT clarifies that three Section 194N exemption notifications shall be deemed to be issued under fourth proviso to section 194N as amended by the FA, 2020. ...
Read MoreRelease ID: 1638215 - (12/07/2020) - 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 ...
Read MoreSB Order No. 02/2020 - (09/01/2020) - Now TDS @2% under section 194N will be applicable on all cash withdrawals above Rs. One Crore taken by an account holder in his/her all type of Small Savings Schemes Accounts /Certificates taken together, from 1.4.2019 onwards....
Read MoreNotification No. 80/2019-Income Tax [S.O. 3719(E)] - (15/10/2019) - CBDT exempts cash withdrawal by the authorised dealer and its franchise agent and sub-agent; and Full-Fledged Money Changer (FFMC) licensed by the Reserve Bank of India and its franchise agent from TDS under Section 194N subject to conditions specified in Notification No. 80/2019-Income Tax dated 15...
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