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Section 194N : Every person who isresponsible for paying any sum , oras the case may be , aggregate of sums , in cash , in excess of INR 1 Crore during the previous year , to any person ( herein referred to as the recipient ) from anaccount maintained by the recipient with it shall , at the time of payment of such sum , deduct an amount equal to 2 % of sum exceeding INR 1 Crore , as income - tax . If the aggregate sum of cash withdrawals from a bank account by the respective account holder crosses the threshold limit of INR 1 Crore for a previous year, then TDS at a rate of 2% will applicable.Home/Income Tax Section 194N-TDS on cash withdrawal in excess of Rs 1 crore Section 194N -TDS on cash withdrawal in excess of Rs 1 crore.
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#Section194N #2%TDSCharge #IncomeTax
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