TDS will be levied under section 194-N on the cash withdrawal from the Bank.
TDS will be levied under section 194-N on the cash withdrawal from the Bank.
- Non filler which is not file his Income Tax Return (ITR) from last three years.
- Filler which is continue file his Income Tax Return from last three or more years.
If an individual has not file his income tax return (ITR) from last three financial years and cash withdrawal more than 20 lakhs from saving or current bank account in a financial year, then TDS will be levied under section 194-N of the Income Tax Act 1961.
More than 20 Lakh: If in a financial year cash withdrawal from saving or current bank account exceed 20 lakhs then TDS will be levied 2%.
More than 1 Crore: Cash withdrawal more than 1 crore from his bank saving or current account in a financial year, then TDS will be levied 5%.