If a person withdraws more than Rs 1 crore in a financial year from his bank, post office or co-operative bank account, then he has to pay 2% TDS. In order to help the common people, the tax department has released a separate calculator.
new Delhi. TDS (TDS) will be cut by 2% on cash transactions above Rs 1 crore in a year. This decision has come into force. The government has made a big decision to reduce cash transactions. At the same time, now the Income Tax Department has started a new tool on its official website for the purpose of making this rule easier and convincing people easily. With this tool, customers can do TDS calculator under section 194N.
These rules do not apply to these rules- This rule will not apply to the government, banking company, banking cooperative society, post office, banking representative and units operating white label ATMs, as they have to use huge amounts of cash under the business. Have to do.
Now a new tool has been launched – the new calculator launched by the Income Tax Department is for the official use of banks, co-operative societies and post offices.
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>> Right now it is showing as ‘Verification of applicability u / s 194N’ under ‘Quick Links’ on the Income Tax Department website.
>> To check the applicability of TDS rate, the user has to enter his PAN number and mobile number from the bank.
>> It is visible under the name ‘Verification of applicability u / s 194N’ under ‘Quick Links’ on the Income Tax Department website. To check the applicability of TDS rate, the user has to enter his PAN number and mobile number from the bank.
>> This rule has also been brought for the purpose of linking TDS to filing income tax returns. If you have not paid income tax for the last 3 years, the bank will charge you 2% TDS for withdrawing the amount of 20 lakh to 1 crore rupees.
>> If the amount is more than 1 crore, then you can face TDS of up to 5 percent. Those who have filed income tax in the last 3 years, there will be no TDS on withdrawing cash up to Rs 1 crore.
