TDS on Cash withdrawal of more than 1 Crore
TDS on Cash withdrawal of more than 1 Crore In order to discourage cash transactions and move towards a cashless economy, a new Section 194N 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. Deductor: Every banking company, co-operative bank or post office. Time of Deduction: TDS under Section 194N tax shall be required to be deducted only when the aggregat ...