Section 194N - Page 3

Section 194N TDS on Cash Withdrawals

In Finance Act, 2020 Government came with section  194N ‘Payment of certain amounts in cash’, Applicable from 01st July, 2020, which states that : Every person, being,—  (i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 ...

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Posted Under: Income Tax |

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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New feature in income tax portal – “Check the TDS rate applicability u/s 194N”

As per Sec 194N of the income tax act, TDS is to be made [email protected] 2% if the aggregate cash withdrawal/s exceeds 1 crore – where the ITR is filed for the preceding previous year. [email protected] 2%, where withdrawal exceeds Rs.20 lakhs but not Rs.1 crore, @ 5% where withdrawal exceeds Rs. 1 crore — […]...

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Posted Under: Income Tax |

Amendment under Section 194N with effect from 1st July, 2020  

Section 194N is pertaining to Tax Deducted At Source for withdrawal Cash by any person from, a banking company to which Banking Regulation Act 1949 applies, a cooperative society engaged in carrying on the business of banking; or a post office who is responsible for any sum, being the amount or the aggregate of amounts, […]...

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Posted Under: Income Tax |

Section 194N TDS on Cash Withdrawal Not Applicable if Sums withdrawn Not Constitutes Income of Recipient

Tirunelveli 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The issue under consideration is whether TDS on Cash Withdrawal u/s 194N is applicable even though the sums withdrawn is not constitute income in the hands of the recipient?...

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Overview of TDS under section 194N of Income tax Act, 1961

The Finance act, 2020, amended with section.194N with an intention of curb black money and track the persons those having huge cash withdrawal from bank and not filed their return of income as per the requirement under income tax act. Section.194N requires to TDS on some specified conditions and specified amount, the detailed implication ...

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Posted Under: Income Tax |

A Comprehensive analysis of Section 194N – TDS on cash withdrawals

Section 194N was inserted into Income Tax Act, 1961 (the Act) via Finance Act (No.2) 2019 which mandated that tax must be deducted at source (TDS) at the rate of 2% if cash withdrawals exceed Rupees one crore in a previous year. This section stands amended by Finance Act, 2020 which has brought in significant changes....

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TDS: Section 194N Payment of certain amounts in cash

Section 194N Payment of certain amounts in cash. As per section 194N of IT Act, Every person being the bank, Cooperative society engaged in banking business and post office is required to deduct TDS at 2% when they make cash payment of Exceeding Rs. 1 Crore to any person during the previous year. However the […]...

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Posted Under: Income Tax |

Section 194N TDS on Cash withdrawals exceeding Rs. 1 crore/20 Lakh

Sec 194N:  Tds on cash withdrawal of more than 1 crore Intro: To discourage the cash transaction and move to cash less economy, income tax department has introduced a new section 194N deduction of TDS on cash withdrawal exceeding  Rs. 20 Lakh In case the individual receiving the money has not filed income tax returns […]...

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TDS on Cash Withdrawal from Bank-Section 194N

1. INTRODUCTION The Govt. in Budget 2019 introduced section 194N in Income-tax Act, 1961 to promote digital payments and discourage the practice of making business payments in cash. In Budget 2020 the scope and applicability of this section has been increased to discourage delay in filing of return of income. The Govt. wants people to [&h...

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Posted Under: Income Tax |

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June 2022