Login / Signup Show Tiles Close

Sudesh Rai

2% Tax on over 1 crore cash withdrawal

Does anyone know if this tax applies on business accounts also or just individual accounts.

Business needs may be different than individuals esp transport businesses etc more  

D76E425D-2C2B-4AD7-81B1-C0694A4CAD79___20190831065004___.jpeg
Viewed by 1233
View all 6 comments Below 6 comments
Frank Godman
Loan commission is standard 2% from any bank of NBFC we don't cry then, why question govt now.. when the poor govt needs money.. If you don't want to withdraw from bank, keep money distributed with politicians.. you can save 2% as well get more business.. ha Haa. The new mantra of Indian business.. Paytm, Reliance and Adani all are doing good business in India.. more  
Kiran CN
As per section 194N of IT act, it is applicable to withdrawals made by any taxpayer including: An Individual A Hindu Undivided Family (HUF) A Company A partnership firm or an LLP A local authority An Association of Person (AOPs) or Body of Individuals (BOIs) more  
MOHIT PANDE (Consultant Power Projects & Environment)
Please note even though the TDS is effective from 1st September 2019, the banks have been advised to add withdrawals from 1st April 2019 on wards to determine the TDS liability. more  
G. C. Mathur (Consumer Activist.)
Personally I feel that this 2% TDS on aggregate cash withdrawal of more than one crore in a year, is basically a double taxation of the same amount - once upon compulsory deposit of the cash in the banks or post office as charging of the services besides counting the same as income for tax purposes, TDS amount to double taxation which is illegally. Basically, TDS should not be there at all. I may mention that I am not a taxation expert and my observations are just as one of a common man. more  
Frank Godman
You are true.. but as written in constitution citizens can not be taxed more than their 100% income..
Government is going in the right direction..
At least they are not charging 100% yet.. more  
Mukul Mohan Mittal
I think it applies for businesses as well. But it is a TDS, not tax. Bank will deduct tax and it will show up as credit in your income tax account, which can be adjusted against any income tax liabilities. This is similar to TDS for contractors, salary payments, and host of similar TDS conditions. more  
View 6 more comment(s)
Post a Comment

Related Posts

    • Terrible job market

      36% students from IIT bombay are unemployed at graduation. Where exactly are we headed as a nation. Imagine the state at NITs and other govt engg colleges. Private colleges to we must forget only. ...

      By Ajay Dutta
      /
    • GST number is designed to compromise your details

      Dumbest thing in GST is using PAN as GST number and Mandating displaying GST number in Sign Boards. So that everyone on street knows our PAN. PAN is used as password in income tax docume...

      By Vinay Sen
      /
    • Will many CAs may have to close soon

      Many CA, CS and CMA Professionals have to either change work or close their practice after this attached circular.

      By Ajay Dutta
      /
    • Google is a pathetic company

      Google India hiked the rate of business mail by 350 %. With fear of recession looming and when msme are struggling this is not the right thing to do. It will cost msme sector 5000 crore per year...

      By Vishal Khanna
      /
    • GST filing

      Still GST system is not 100 % user/official friendly. there are news that so much money (in lacs) collected by fraudulent GST bills. I am a GST registered vendor. The company turn over is almo...

      By Subramanian Venkataraman
      /
    • Taxation Issues faced by Startups: Inputs Sought

      Many of you know how LocalCircles had worked with the Government in 2019 on resolution of angel tax issues under Section 56 (2)(viib) of the Income Tax act. Once again, the Government h...

      By LocalCircles Manager
      /
    • Why no penalty an dprosecution for govt

      Now our IT portal has become sick being suffering babu virus or extortion virus. McA site never works on last days and people have to pay penalties for mistakes of govt. Now professionals are wasti...

      By SUBHASH PARAKH
      /
    • Income Tax Return Filing Portal

      What about income tax return filing date? Any extension thereof? As of today, I am not able to file the return . Has any one else file the income tax return? Has Portal issue been solved? I have al...

      By Hasmukh Sangani
      /
    • Grass root experience

      I have been doing and promoting small business for the last 30 years. The real problem is that the ministers and their secretaries don't have practical experience and they look for 5 trillion dolla...

      By AMIT MADHAV BHATTACHARYA
      /
    • Why do Ministers refrain from engaging with businesses

      I find it quite interesting that the ministers want to deal only with tata adani ambani and not the real msme and startups. Why is the msme minister (appointed this week Narayan Rane) his secretary...

      By Aditi Mitra
      /
    • Why such mismanagement

      FICCI the industry association has written to Centre saying most of 40000 ventilators manufactured under PM Cares Fund last year are lying unused at government facilities. Mainly due to negligence ...

      By Sudesh Rai
      /
Share
WhatsApp
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

हिन्दी About Us Citizen Pulse News Trending Team Career Privacy Policy Sitemap Contact Us
© LocalCircles 2024 FB Link Twitter Link
All My Circles
Invite to
(Maximum 500 email ids allowed.)
Send