Income Tax : Understand TDS on cash withdrawals under Section 194N, including thresholds, rates, compliance rules, exemptions, penalties, and f...
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 : 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 : ITAT Pune ruled that Section 5A overrides Rule 37BA, granting full TDS credit of ₹45.28 lakh to a Goa resident whose wife did no...
Income Tax : ITAT Mumbai held that interest on advance given to entity how became Non Performing Asset (NPA) cannot be brought to tax since the...
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...
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...
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 […]
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 (Department of Revenue) (CENTRAL […]
Article explains Section wise requirement of TDS deduction, Threshold exemption limit and rate at which TDS needs to be deducted. Article is updated as on 01.10.2019 to include sections under which TDS needs to be deducted from 01st October 2019. Newly introduced section are Section 194M – TDS on any work in pursuance of contract […]
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 […]
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 BOARD OF DIRECT TAXES) Notification No. 70/2019-Income Tax New Delhi, […]
Article explains TDS on cash withdrawals of over Rs 1 crore under section 194N of the Income Tax Act, 1961, TDS at the time of purchasing immovable property under Section 194-IA of the Income Tax Act, TDS on payments made to professionals and contractors under Section 194M, TDS on life insurance proceeds Under section 194DA, […]
Addressing the concerns raised by Agriculture Produce Market Committees (APMCs), it has been decided not to levy the 2% TDS on cash payments above Rs 1 crore made through APMCs, in order to make immediate payments to farmers for their produce. Further to the announcement made by Smt@nsitharaman on 23-08-2019, an additional 15% depreciation has […]
