Drawings

Sec 194N with effect from 01-09 2019 - The limit of Rs 1 crore has to be seen for cash withdrawals made from all branches of a bank @ 2%. If income tax return defaulted for preceding three previous years TDS is 2% on the cash payments/withdrawals of more than Rs 20 lakh and up to Rs 1 crore, and 5% for withdrawal exceeding Rs 1 crore. (Amendment w.e.f 01.07.2020)

Sudha Reddy

CA Final

★ 20K+

30-Mar-21 10:13

Mam ;Thank you for the replay, but doubt is any sections such as 269ST applies?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

30-Mar-21 10:34

Sec 269ST talks about receiving of money from others... your query was about drawing cash, hence S 194N applies

Sudha Reddy

CA Final

★ 20K+

30-Mar-21 11:58

And Section 194 N talks about cash withdrawal from banks. Did I say about cash withdrawal from the business?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

02-Apr-21 12:56

Please give your query clearly

Sudha Reddy

CA Final

★ 20K+

02-Apr-21 13:05

Yes.

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

02-Apr-21 13:25

Proprietor withdraws cash from business ie, cash from the bank and also the physical cash. It comes under the capital account in the balance sheet. If there is any limit regarding the same.

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

02-Apr-21 13:30

269ST

CA Suraj Lakhotia

Admin

02-Apr-21 14:46