2% TDS on cash withdrawals of over Rs 1 cr from Sep 1

[boeing747]

New Delhi: The revenue department on Friday said the 2 per cent tax deduction at source (TDS) on cash withdrawals of over Rs 1 crore will come into effect from September 1.

The Central Board of Direct Taxes (CBDT) further said that if a person has already withdrawn Rs 1 crore or more in cash up to August 31, 2019, in the current fiscal, the two per cent TDS shall apply on all subsequent cash withdrawals.

The government had made the provision of levying 2 per cent TDS on cash withdrawals exceeding Rs 1 crore in the Union Budget with an aim to discourage cash transactions and move towards less-cash economy.

After receiving queries regarding the levy of the TDS, CBDT said the provision "is to come into effect from September 1, 2019". 

Hence, any cash withdrawal prior to September 1, 2019, will not be subjected to the TDS. 

"However, since the threshold of Rs 1 crore is with respect to the previous year, calculation of amount of cash withdrawal for triggering deduction under section 194N of the Finance Act shall be counted from April 1, 2019," it said. 

Hence, if a person has already withdrawn Rs 1 crore or more in cash up to August 31, 2019 from one or more accounts maintained with a banking company or a cooperative bank or a post office, the two per cent TDS would apply on all subsequent cash withdrawals

 

calling Rich feeful @perugu_vada @tacobell fan @hyperbole and others...ika nunchi ela mari meelanti upper class ki, 2% pay cheyalsinde na

[LazyRohit]

Parents relatives account lo nunchi teeskuntaru 

[JAPAN]

1 cr aa..lite 

[Android_Halwa]

Perfect..!!! 

Actually 10 lakh above petalsindi limit...

[tacobell fan]

@idibezwada uncle ki band padinatte na

[boeing747]

5 minutes ago, tacobell fan said:

@idibezwada uncle ki band padinatte na

aayanadi antha cheque business ee ga, nuvvante cash party

[tacobell fan]

26 minutes ago, boeing747 said:

aayanadi antha cheque business ee ga, nuvvante cash party

 

[snoww]

Evadu bank lo veyyakunda intilo hoard sesukuntaaru money.

Ache din for thieves. 

[Mitron]

over 1cr aa.. lite manaku

[futureofandhra]

2 hours ago, Android_Halwa said:

Perfect..!!! 

Actually 10 lakh above petalsindi limit...

Endhuku

[snoww]

multiple accounts vunna kooda track sesthara combined limit gaa 1 crore ?

[MRI]

cheque book anna free ga istara daaniki inka rate lu vunnaya? alantappudu cashless economy ki enduku veltaru? 

[jefferson1]

Destroying economy one point at a time 

[Android_Halwa]

With the way Indian economy is growing, if we don’t use plastic currency, then we have to fill up entire trunk with cash to buy groceries...

We should have start discoursing cash a decade back itself..

Growing economy has side effects, this is one of them..! Or else we have to see another Zimbabwe type situation in India 

[Kool_SRG]

1 hour ago, MRI said:

cheque book anna free ga istara daaniki inka rate lu vunnaya? alantappudu cashless economy ki enduku veltaru? 

Guess most of banks give one cheque book with 25 leaves free if more required then chargeable.. 

Use bank transfer, cheques anavasaram..