Notification No. SB Order No. 05/2021 -
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....
Circular No. 14/2020-Income Tax -
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. ...
Release ID: 1638215 -
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...
SB Order No. 02/2020 -
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....
Notification No. 80/2019-Income Tax [S.O. 3719(E)] -
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...
Notification No. 74/2019-Income Tax [G.S.R. 694(E)] -
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 […]...
Notification No. 70/2019-Income Tax [S.O. 3427(E)] -
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...
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...