Income Tax : Uncover the impact of Section 194N of the Income Tax Act on TDS for cash withdrawals over certain limits, aiming to reduce tax eva...
Income Tax : TDS on Cash Withdrawals - Section 194N of Income Tax Act, 1961: Section 194N provides that every banking company, cooperative bank...
Income Tax : Dive into the details of TDS on cash withdrawals under Section 194N. Learn about who needs to deduct tax, rates, exemptions, and m...
Income Tax : TDS on Cash Withdraw Understand TDS on Cash Withdrawals with insights on applicability, rates, and exemptions. Section 194N mandat...
Income Tax : Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the latest rates for tax deduction at source for various transactions. Ea...
Income Tax : The financial implementation of deduction of tax under section 194N of the Income-tax Act, 1961 in case of primary cooperative soc...
Income Tax : The Rajasthan High Court, Jaipur in the matter of, Abhay Singla v. Union of India, has recently issued notice in a public interest...
Income 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 th...
Income Tax : Addressing the concerns raised by Agriculture Produce Market Committees (APMCs), it has been decided not to levy the 2% TDS on cas...
Income Tax : Explore Madras High Court's judgment on primary agricultural credit cooperative societies challenging Circulars related to tax ded...
Income Tax : Explore the Madras High Court's judgment on Primary Agricultural Cooperative Credit Societies challenging Circulars related to tax...
Income Tax : Madras High Court held that circulars dated 16.03.2021, 05.08.2021 and 01.04.2021 mandating compliance of provisions of section 19...
Corporate Law : Madras High Court directed the Ministry of Finance, Government of India and CBDT to consider exempting primary agricultural cooper...
Income Tax : Tyroon Tea Company Limited & Anr. Vs Union of India Ors. (Calcutta High Court) In this writ petition, petitioners have challen...
Income Tax : CBDT notifies the Income-tax (Seventh Amendment) Rules, 2025, updating Forms 26Q and 27Q to include Section 194T on payments to fi...
Income Tax : Foreign representations like UN agencies, consulates, and diplomatic missions are exempt from Section 194N of Income Tax Act under...
Income Tax : Deduction of TDS in respect of aggregate Cash Withdrawal above Rs. 20 lakh by an account holder of National (Small) Savings Scheme...
Income Tax : CBDT clarifies that three Section 194N exemption notifications shall be deemed to be issued under fourth proviso to section 194N a...
Income Tax : Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS appl...
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 equal to 2% of such sum.
Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. Understand penalties and compliance to ensure financial transparency.
Understanding Section 194N TDS provisions on cash transactions. Learn who is responsible to deduct tax and who is the payee.
Explore the updated Income Tax TDS Rate Chart for FY 2022-23 / AY 2023-24. Comprehensive guide covering TDS rates on various incomes as per the Income-tax Act. Stay informed to ensure accurate tax deductions.
Understand the intricacies of Cash Withdrawal with Section 194N. Get insights into the measures taken by the Government of India to boost the digital economy.
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 year.
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.
Summary -The Union Budget 2019 has introduced Section 194N for tax deduction at source (TDS) on cash withdrawals exceeding Rs 1 crore. -The Budget 2020 has reduced the threshold limit for TDS to Rs 20 lakh for taxpayers who have not filed their income tax returns for past three years. -Why is Section 194N- To […]
After the demonetization of currency, the government was aiming to regularize the cash transaction and therefore they have come with various provisions to discourage such transactions. Following are various provision brought to Income tax law 1961 and other laws in simple language – 1. SECTION 40A(3) – Payment or aggregate of payments is made to […]
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 withdrawals from, inter alia, a […]
