Is there any tax on cash withdrawal?

Who deducts TDS on cash withdrawal u/s 194N of the Act? TDS is deducted by banks (private, public, and co-operative) or post offices. The tax is deducted when making any cash payment to any person in excess of ₹ 20 lakh or ₹ 1 crore (as the case may be) from his/her account maintained with such banks or post offices.

incometax.gov.in - View TDS on Cash Withdrawal u/s 194N FAQs | Income Tax Department

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1. What is TDS on cash withdrawal u/s Section 194N about?

According to section 194N of the Act, TDS has to be deducted if a sum or aggregate of sum withdrawn in cash by a person in a particular FY exceeds : ₹ 20 lakh (if no ITR has been filed for all the three previous AYs), or ₹ 1 crore (if ITRs have been filed for all or any one of three previous AYs).

2. Who deducts TDS on cash withdrawal u/s 194N of the Act?

TDS is deducted by banks (private, public, and co-operative) or post offices. The tax is deducted when making any cash payment to any person in excess of ₹ 20 lakh or ₹ 1 crore (as the case may be) from his/her account maintained with such banks or post offices.

3. To whom is TDS on cash withdrawal u/s 194N of the Act not applicable?

TDS on cash withdrawal u/s 194N will not apply to withdrawals made by the following persons:

Central or state government

Private or public sector bank

Any cooperative bank

Post office

Business correspondent of any bank

White label ATM operator of any bank

Central government specified commission agents or traders operating under Agriculture Produce Market Committee (APMC) for making payment to the farmers on account of purchase of agriculture produce Authorized dealers and its franchise agent and sub-agent and Full-Fledged Money Changer (FFMC) licensed by RBI and its franchise agents

Any other person notified by the Government in consultation with RBI.

4. From when is TDS on cash withdrawal u/s 194N of the Act applicable?

TDS on cash withdrawal u/s 194N of the Act is applicable starting 1st September 2019, or FY 2019-2020.

5. At what rate is TDS on cash withdrawal u/s 194N deducted?

TDS will be deducted at a rate of 2% on cash withdrawals in excess of ₹ 1 crore if the person withdrawing the cash has filed income tax return for any or all three previous AYs. TDS will be deducted at 2% on cash withdrawals of more than ₹ 20 lakh and 5% for withdrawals exceeding ₹ 1 crore if the person withdrawing the cash has not filed ITR for any of the preceding three AYs.

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New Delhi: Dhirendra Rawat, a resident of Dikhol village, has won a whopping Rs 1 crore while playing cricket on the Dream11 fantasy game.

newsroompost.com - Uttarakhand man wins Rs 1 crore from Dream 11 fantasy game, villagers ...

New Delhi: Dhirendra Rawat, a resident of Dikhol village, has won a whopping Rs 1 crore while playing cricket on the Dream11 fantasy game. Rawat, who has been investing money in the fantasy site for some time now, received a notification on his phone about winning the massive amount. The latter was left stunned when he found that Rs 70 lakh had already been submitted to his bank account. A wave of glee spread among Rawat’s family and other villagers when they came to know about the news. Dhirendra told that he tried his luck in Australia vs Afghanistan cricket match in the ongoing T20 World Cup, played in Perth Stadium, Australia. He formed his Dream11 team on Friday afternoon, post which he received the notification of winning a whopping Rs 1 crore later in the evening.

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Rawat said that he is extremely happy and plans to invest the amount thoughtfully in order to earn more profit. He further said that he has already received Rs 70 lakh, while Rs 30 lakh has been deducted as tax. Dhirendra nabbing such a large sum of money via fantasy game has become a matter of discussion and curiosity for the locals of Chamba city.

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