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Section 194N Income Tax Act
With effect from Sep 01, 2019, TDS of 2 would be levied on cash withdrawals exceeding Rs 1 crore as per Section 194N of the Income Tax Act 1961 (‘Act’) introduced in the Union Budget 2019.
As per the above regulation,
- 2% TDS would be applicable to any person* who withdraws a sum or aggregate of sums that is in excess of Rs 1 crore in cash from all or any of his/her accounts maintained with Bank in a particular financial year.
- Such cash withdrawal transactions would include all transactions wherein cash is withdrawn by the account holders through various modes, including but not limited to cash withdrawn across the counter, through ATM (using Credit or Debit Card), cash withdrawal against overdraft facility, cash delivery under Cash Management Services, etc.
- TDS will be charged only on the amount withdrawn above the limit of Rs 1 crore.
- The cash withdrawal limit for this financial year will be considered from Apr 01, 2019.
- There shall be fresh cash withdrawal limit of Rs 1 crore for every financial year.
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