Section 194N – TDS on Cash Withdrawals Exceeding Rs 1 Crore
March 10, 2023 ⚊ 1 Min read ⚊ Views 66 ⚊ 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.
Tags: 194N, SECTION 194N
