194 N CASH WITHDRAWAL
This query is : Resolved
24 December 2020
A person filed Return of income for AY 2018-19, AY 2019-20 & AY 2020-21.
Whether 194 N threshold limit of 20 Lakh applicable to him in the financial year 2020-21 ?
TDS on cash withdrawal above 20 lakhs applicable to him ?
Whether 194 N threshold limit of 20 Lakh applicable to him in the financial year 2020-21 ?
TDS on cash withdrawal above 20 lakhs applicable to him ?
24 December 2020
It's cash withdrawal above 1 crore not 20 lacs.
26 December 2020
Sir,
There is an amendment that recipient who has not file the returns of income for all the three assessment years the limit should be 20 Lakhs for applicability of 194 N.
so my doubt is if a person filed returns for AY 2018-19, AY 2019-20 & AY 2020-21 he will be get the benefit of 1 Crore ?
There is an amendment that recipient who has not file the returns of income for all the three assessment years the limit should be 20 Lakhs for applicability of 194 N.
so my doubt is if a person filed returns for AY 2018-19, AY 2019-20 & AY 2020-21 he will be get the benefit of 1 Crore ?
26 December 2020
Yes, the benefit of 1 crore available for those who filed the ITR.
26 December 2020
He has file ITR for AY 2018-19,AY 2019-20 & AY 2020-21.
But bank is saying for getting benefit in Financial year 2020-21 he has o file AY 2017-18, AY 2018-19 & AY 2019-20. Is it correct ?
But bank is saying for getting benefit in Financial year 2020-21 he has o file AY 2017-18, AY 2018-19 & AY 2019-20. Is it correct ?
26 December 2020
Yes, it's right...................................
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