Section 194N notification

TDS on Cash Withdrawal above Rs. 20 lakh

Notification 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....

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CBDT clarifies on Validly of section 194N exemptions

Circular 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. ...

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CBDT provides Utility to ascertain TDS Applicability Rates on Cash Withdrawals

Release 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 return. So far,more than 53,000 verifica...

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TDS | Cash Withdrawal above Rs. 1 Crore | National Savings Schemes

SB 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....

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CBDT exempts from TDS cash withdraws by Authorised dealer & FFMC

Notification 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 15th October, 2019. MINISTRY OF FINANCE (D...

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Section 194N TDS Credit to be available in year of deduction: CBDT

Notification No. 74/2019-Income Tax [G.S.R. 694(E)] 27/09/2019

Notification No. 74/2019-Income Tax- CBDT inserted a new sub-rule (3A) in rule 37BA to provide that for the purposes of section 194N, credit for tax deducted at source shall be given to the person from whose account tax is deducted and paid to the Central Government account for the assessment year relevant to the previous […]...

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No TDS on cash withdrawal u/s 194N for making payment to farmers

Notification No. 70/2019-Income Tax [S.O. 3427(E)] 20/09/2019

Exemption from TDS on cash withdrawal under section 194N for making payment to farmers – Central Government specifies the commission agent or trader, operating under Agriculture Produce Market Committee (APMC)– Notification No. 70/2019-Income Tax Dated 20th September, 2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL B...

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Clarification on applicability of TDS on cash withdrawals | Section 194N

NA 30/08/2019

Section 194N inserted in the Act, is to come into effect from 1st September, 2019. Hence, any cash withdrawal prior to 1st September, 2019 will not be subjected to the TDS under section 194N of the Act. However, since the threshold of Rs. 1 crore is with respect to the previous year, calculation of amount of cash withdrawal for triggering...

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June 2022