Wager Mage
Wager Mage
Photo: William Fortunato
In accordance with section 194N of the Act, TDS is deducted if a person withdraws cash in a particular financial year that exceeds: ₹ 20 lakh (if no Income Tax Returns have been filed for all the three previous AYs), or. ₹ 1 crore (if Income Tax Returns have been filed for all or any one of three previous AYs).
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Read More »For example - An individual who has three bank accounts with three different banks can withdraw cash of Rs 1 crore from each bank, i.e., withdrawal of Rs 3 crore without any TDS. Whenever any taxpayer (recipient) withdraws cash from his or her bank account, TDS will only be collected in accordance with Section 194N. For example - if a bank makes a cash payment of more than Rs 1 crore during an FY to its account holder (e.g., any taxpayer), the bank will need to deduct TDS. If the taxpayer makes a payment of over Rs 1 crore through a bearer cheque to a third party, the recipient of the cash is not the account holder but rather the third party. If this is the case, the bank will not pay the account holder. The above situation raises the question of whether a bearer cheque issued to a person (like a vendor) for collection of payment from the bank will be covered by section 194N? Is the bank required to deduct tax on the account holder's funds in respect of a bearer cheque issued to a third party. Additionally, business payments made using a bearer check are not allowable as an expenditure under section 40(A)(3). Payments exceeding Rs 10,000 per day (per transaction or cumulatively) cannot be claimed as a business expenditure. In the fiscal year 2019-20, cash payments/withdrawals will be limited to Rs 1 crore. The provisions of Section 194N, however, will only apply to payments made from 1 September 2019 onward.
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