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Choice itr form

KHALIQUE LASKAR (24 Points)

27 July 2021

What type of itr is to be filled if tds has been deducted u/s 194N.Thanks.

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10 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 27 July 2021

What is the nature of income

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KHALIQUE LASKAR (24 Points)
Replied 27 July 2021

Salary income only.

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 27 July 2021

File ITR 2

Ankit Neema (2742 Points)
Replied 27 July 2021

Did you withdraw cash more than 1 crore ?

KHALIQUE LASKAR (24 Points)
Replied 27 July 2021

No, it was a loan of Rs 20 lakh along with salary. whether the tds may be refunded after filling itr 2 as the itr1 has already been filled in the last three consecutive years.

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Ankit Neema (2742 Points)
Replied 27 July 2021

Please tell why tds has been done? As 194N is applicable on cash withdrawal.

You can claim the tds by filing itr.

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AKN FINANCIALSERVICES (146 Points)
Replied 28 July 2021

For salary income you can file ITR2, but I am also interested to know whether you have done withdrawal of cash excess Rs. 1cr

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KHALIQUE LASKAR (24 Points)
Replied 28 July 2021

Cash withdrawal was more than 20 lakh but lees than 1cr.

N Das (177 Points)
Replied 28 July 2021

If an individual receiving the money has not filed income tax return for all the three years, for which the time limit of filing return of income under Section 139(1) has expired, 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. (Amendment w.e.f 01.07.2020)

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