Tag Archives: section 194N

Circular no. 14/2020 CBDT Clarified when No TDS applicable on Cash withdrawal

By | July 21, 2020

Circular no. 14/2020 F. No. 370142/27/2020-TPL Government ofIndia Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Room no. 147B-II, North Block, New Delhi, dated 20th July, 2020 Subject: Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior… Read More »

New TDS Return in 26QD for TDS u/s 194M and Certificate in Form 16D Notified by CBDT

By | November 20, 2019

The CBDT has notified Form no. 26QD (challan-cum statement) for deposit of tax deducted at source (TDS) as per the provisions of section 194M. Section 194M provides for levy of TDS, at the rate of 5% on the sum paid or credited, to a resident, in a year on account of contractual work, commission, brokerage… Read More »

TDS on cash withdrawal from 01.09.2019 u/s 194N : CBDT clarification

By | August 30, 2019

Ministry of Finance Clarification on applicability of Tax Deduction at Source on cash withdrawals Posted On: 30 AUG 2019 In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 has inserted a new section 194N in the Income-tax Act,1961 (the ‘Act’), to provide for levy of tax… Read More »