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 : 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...
Finance : Now TDS @2% under section 194N will be applicable on all cash withdrawals above Rs. One Crore taken by an account holder in his/he...
Income Tax : CBDT exempts cash withdrawal by the authorised dealer and its franchise agent and sub-agent; and Full-Fledged Money Changer (FFMC)...
As it is evident that Government of India is continuously striving to discourage cash transactions and moving towards less cash economy, in this move a new section of TDS (Tax deducted at Source) 194N was introduced in income tax act through Finance act 2019. The provisions of new section were applicable from 1st September 2019. […]
In order to discourage cash transactions and move towards less cash economy, With effect from 01/09/2019 a new Section 194N is inserted to levy for TDS at the rate of 2% on cash payment in excess of Rs. 1 crore in aggregate made during a financial Year. The Scope of TDS on cash withdrawal has […]
Amidst the COVID-19 outbreak and lockdown in various states, the Finance Bill 2020 ( Bill) introduced vide Union Budget 2020-21 was passed by both Houses of Parliament, with certain amendments. On 27 March 2020, the Bill has received President’s assent. Read-President Assents Finance Act, 2020 Key amendments by Finance Act , 2020 in Comparison to […]
Article compiles TDS Rate Chart For Financial Year 2020-21 and Assessment Year 2021-22 along with Due date of Payment of TDS and mode of Payment of TDS. Article explains Section under which TDS is deductible and TDS Rate Applicable. Article Covers Change in TDS Applicable from 01.04.2020 which was proposed by Union BUdget 2020 which […]
In order to discourage cash transactions and move towards cash-less economy, a new Section 194N (Introduced via Union Budget 2019) has been inserted under Income-tax Act with effect from September 1, 2019 to provide for deduction of tax on cash withdrawals made by any person from his bank or post-office account. Meaning of Section 194N […]
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.
Article explain What Is Section 194N of Income Tax Act, 1961, Who Will Deduct TDS Under Section 194N, Importance Of TDS Under Section 194N, Rate of TDS Under Section 194N and Threshold limit, From which date Section 194N and Section 194N applies to cash withdrawal by whom. What Is Section 194N? Section 194N is applicable […]
In the Union Budget Sec 194M and Sec 194N of Income Tax Act, 1961 has introduced with a view to encourage digital payments and discourage the practice of making payments in cash, the Union Budget 2019 has introduced Section 194N for deduction of tax at source (TDS) on cash withdrawals exceeding Rs 1 crore. Let’s […]
This Article give the snapshot of the newly inserted sections i.e. Section 194M and Section 194N in the Finance Act (No. 2), 2019. Also covers Income Tax Notification No. 98/2019 dated 18th November 2019 issued by CBDT.
Union Finance Minister Nirmala Sitharaman in her maiden budget speech announced some income tax-related changes which will come into effect from September 1, 2019. Cash withdrawals exceeding INR 1 crore in aggregate in a year from finance institutions will attract TDS while in case of property transactions, the definition of immovable property has been broadened […]
