TDS from withdrawals of cash exceeding Rs. 1 Crore

A new Section 194N proposed to be included in Income Tax Act. If the withdrawal of cash exceeds Rs. 1 crore in a financial year a 2% of TDS will be deducted  by a bank or post office from withdrawn cash of savings or current account. However no TDS will be deducted if cash is…

A new Section 194N proposed to be included in Income Tax Act. If the withdrawal of cash exceeds Rs. 1 crore in a financial year a 2% of TDS will be deducted  by a bank or post office from withdrawn cash of savings or current account. However no TDS will be deducted if cash is…