Section 194N – TDS on Cash Withdrawals Exceeding Rs 1 Crore

March 10, 2023 ⚊ 1 Min read ⚊ Views 77 ⚊ BLOG

In pursuit of a ‘Digital India’, the government announced a tax on high value cash withdrawals under Section 194N Let us understand how this taxation works.In the Finance Bill, 2019, section 194N was introduced. Cash withdrawal over ₹ 1 crore within a year will be subject to a TDS of 2%. The tax will only apply to amounts exceeding ₹ 1 crore.

Read details: https://life.futuregenerali.in/life-insurance-made-simple/tax-hacks/blogs/section-194n/

Tags: 194N, SECTION 194N

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