Banks

TDS on cash withdrawal

TDS on Cash Withdrawal (Section 194N) (Expert Guide)

/ Income Tax

The Union Budget, 2020 amended Section 194N related to TDS on cash withdrawal from savings/current bank account. As per this amended Section, if an assessee has not filed Income Tax Return (ITR) for the last three financial years, then cash withdrawal from his/her savings or current bank account will attract TDS if the total amount withdrawn in a financial year exceeds Rs 20 lakh / Rs. 1 crore

Who should file Form 15G or Form 15H

Know Who should file Form 15G and Form 15H?

/ Income Tax

Form 15G and Form 15H are self declaration forms that the assessee submits to the bank requesting not to deduct TDS on Interest Income, as their income is below the basis exemption limit. The assessee has to provide his PAN Card with the form.