Section 194N of Income Tax Act 1961

  



We should note that Section 194N is nothing but a TDS –Tax Deducted at source and the same is to be deducted on ‘Aggregate Withdrawal’ in a financial year.
In simple terms, this section speaks about the deduction of TDS under certain circumstances i.e., if the aggregate withdrawal of a person during a financial year exceeds Rs. 1 crore then the person (recipient) is liable to a deduction of TDS u/sec 194N which is @ 2% on the amount in excess of Rs. 1 crore.
The aforesaid section 194N was introduced by the Finance Minister in Union Budget 2019 thereby promoting cashless transactions and leading to a digitalized India.

Location: Mumbai, Maharashtra, India

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