08 March 2020
The limit of Rs 1 crore in a financial year is with respect to per bank or post office account and not a taxpayer’s individual account. For example, a person having three bank accounts with three different banks, he can withdraw cash of Rs 1 crore * 3 = Rs 3 crores without any TDS.
08 March 2020
You cant withdraw more than 3 cores .
1crore per bank.
Beyond this limit shall attract Tds @2% on the entire amount under section 194N.
It's a new section and it is applicable from AY-2020-21 Only
31 August 2020
In case the individual receiving the money has not filed income tax return for three years immediately preceding the year, then the TDS is 2% on the cash payments/withdrawals of more than Rs 20 lakh and up to Rs 1 crore, and 5% for withdrawal exceeding Rs 1 crore.
The e-filing website of the income tax department has introduced the facility to check whether the individual has filed ITR for last three financial years or not and the rate of TDS leviable on the amount of cash withdrawn.
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