TDS on Cash Withdrawals.
As per amendment in section 194N of I T Act
A) 2% TDS will be deducted on consolidated cash withdrawal above Rs.20.00 lakhs & 5% TDS on cash withdrawals above Rs.1 Cr/- if all last 3 years ITR are not submitted.
B) 2% TDS will be deducted above Rs.1 Cr/- if all last 3 years ITR are submitted.
To avail exemption from this provision, please submit copy of all ITR Acknowledgement for FY 2018, 19&20 to your branch before 07/07/2020.
Although this provision is made applicable for withdrawals after 01/07/2020 but total withdrawals in this FY 2020-21 will be considered.
Janata Sahakari Bank Ltd., Pune