#section 194n

Clarification on TDS on cash withdrawals applicable from 1st September 2019 onwards

Central Board of Direct Taxes (CBDT) has released a clarification on 30th August 2019 in which the clarifications have been made regarding the applicability and period for which the limit of cash withdrawal shall be applicable. In order to make the economy to be less cash and discourage the use of cash in the economy, a new section 194N has been introduced in the Finance (No.2) Act to provide for…