TDS on Cash Withdrawals Explained | Section 194N |  

TDS on Cash Withdrawals Explained | Section 194N | #taxgyany
In this video, we explain everything you need to know about TDS on Cash Withdrawals under Section 194N of the Income Tax Act. 💡 Learn how TDS is applied when you withdraw large sums of cash from banks, post offices, or co-operative societies and why this provision was introduced.
Key Highlights of the Video:
🔍 Applicability of Section 194N: Who is covered under this section?
📊 TDS Rates: Breakdown of TDS rates for regular taxpayers and non-ITR filers.
💼 Illustrative Example: How much TDS will be deducted on ₹1 crore or ₹1.5 crore cash withdrawals?
🏦 Exemptions & Exceptions: Who is exempt from this provision?
🚫 Impact on Cash Usage: How Section 194N is encouraging digital payments.
Why This Matters: Understanding these rules is crucial for businesses and individuals making large cash transactions. The TDS rate can vary significantly depending on whether you’ve filed your income tax returns, so don’t get caught by surprise!
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