• Skip to main content
  • Skip to primary sidebar
  • Home
  • Aicpin
  • Recent Post
  • Pay Matrix
    • Defence Personnel
      • MNS Officers
  • Recent Govt Orders
    • Dopt orders
    • Finmin orders
  • DA From July 2021
  • Holiday list 2020
Govtempdiary

Govtempdiary

Govtempdiary is leading Central government employees news provider

You are here: Home / CGE LATEST NEWS / TDS is deductible at the rate of 2% if cash withdrawal exceeds Rs. 1 crore
This image has an empty alt attribute; its file name is b_new.gif Demanded for payment of Dearness Allowance/Dearness Relief with arrears since 01.01.2020
This image has an empty alt attribute; its file name is b_new.gif AICPIN for the month of January 2021
This image has an empty alt attribute; its file name is b_new.gif LTC cash voucher scheme Calculator
This image has an empty alt attribute; its file name is b_new.gif Expected DA from July 2021 Calculator
This image has an empty alt attribute; its file name is b_new.gif List of Kendriya Vidyalaya Schools 2021

Quick links
Hot newsDopt orders
Recent govt ordersRecent post

TDS is deductible at the rate of 2% if cash withdrawal exceeds Rs. 1 crore

July 13, 2020 GEDWEBZIP

TDS is deductible at the rate of 2% if cash withdrawal exceeds Rs. 1 crore

CBDT provides Utility to ascertain TDS Applicability Rates on Cash Withdrawals – PIB

Ministry of Finance

CBDT provides Utility to ascertain TDS Applicability Rates on Cash Withdrawals

12 JUL 2020

The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of the income-tax return. So far, more than 53,000 verification requests have been executed successfully on this facility.

CBDT today said that this functionality available as “Verification of applicability u/s 194N” on www.incometaxindiaefiling.gov.in since 1st July 2020, is also made available to the Banks through web-services so that the entire process can be automated and be linked to the Bank’s internal core banking solution.

Explaining the details of this facility, CBDT said that now the Bank/Post Office has to only enter the PAN of the person who is withdrawing cash for ascertaining the applicable rate of TDS. On entering PAN, a message will be instantly displayed on the departmental utility: “TDS is deductible at the rate of 2% if cash withdrawal exceeds Rs. 1 crore” [if the person withdrawing cash is a filer of the income-tax return] and “TDS is deductible at the rate 2% if cash withdrawal exceeds Rs. 20 lakh and at the rate of 5% if it exceeds Rs. 1 Crore” [if the person withdrawing cash is a non-filer of the income-tax return].

CBDT said that the data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns. To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 w.e.f. 1st July, 2020 further amended Income-tax Act to lower threshold of cash withdrawal to Rs. 20 lakh for the applicability of this TDS for the non-filers and also mandated TDS at the higher rate of 5% on cash withdrawal exceeding Rs. 1 crore by the non-filers.

It may be noted that in order to discourage cash transactions and move towards less cash economy, the Finance (No.2) Act, 2019 has inserted section 194N in the Income Tax Act w.e.f. 1st September, 2019 to provide for levy of TDS @ 2% on cash withdrawal exceeding Rs. 1 crore from a Bank/Post Office account/s subject to certain exceptions.

Source: PIB

Related posts:

  1. Removal of limits on withdrawal of cash from Saving Bank Accounts – RBI Order
  2. Withdrawal of cash from bank deposit accounts – Relaxation
  3. Pib: Over 10.2 lakh Refunds worth Rs 4,250 crore issued in a week by CBDT to help taxpayers
  4. Cash withdrawal from ATMs – Enhancement of daily limits(₹ 2500/- to ₹ 4500/)
  5. PIB – CBDT revising return forms to enable taxpayers avail benefits of timeline extension due to Covid-19
  6. 19,350.84 crore released for 9.67 crore farmers during lockdown period under PM-KISAN
  7. EPFO released Rs 868 crore pension along with Rs 105 crore arrear on account of restoration of commuted value of pension
  8. Finance Minister reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh.
  9. NPS-replacing the existing facility of ‘Phased Withdrawal’ with ‘Deferred Withdrawal’
  10. Further Rs.1,000 Crore Allocation for OROP-Defence Allocation Raised to Rs 2,29,000 crore
  11. Partial Withdrawal under NPS
  12. Limits on Cash withdrawals from Bank accounts and ATMs – Restoration of status quo ante
  13. Norms for withdrawal of National Pension System
  14. CBDT : Order u/s 119 of The Income Tax Act, 1961 on issue of certificates for lower rate/nil deduction/collection of TDS or TCS u/s 195, 197 & 206C (9)
  15. Issuance of certificate for lower rate/nil deduction/collection of TDS/TCS u/s 195,197 & 206C (9) of the Income-tax Act. 1961
  16. Whether the withdrawal from National Pension Scheme is taxed to the extent of 60 per cent: Yes, Govt said in Parliament
  17. Restriction on cash transaction by introduction of New Sections 269ST & 271DA to the Income-tax Act
  18. Enhancement of withdrawal limits from ATMs and Current Accounts
  19. PIB: Defence Budget crossing Rs.3,00,000 crore for the first time in 2019-20
  20. CBDT notifies Income Tax Return Forms for Assessment Year 2018-19

Filed Under: CGE LATEST NEWS, PIB NEWS July 13, 2020 Leave a Comment

LTC cash voucher scheme 2020
LTC cash voucher scheme 2020

AICPIN for the month of January 2021 – DA Calculator updated

February 26, 2021 By rajasinghmurugesan Leave a Comment

Consumer Price Index for Industrial Workers (2016=100) –January, 2021 depicts downward trend Gangwar says, fall in inflation will improve purchasing power of the working class All-India Consumer Price Index for Industrial Workers (2016=100) for January, 2021 decreased to 118.2 points compared to 118.8 points for December, 2020. In percentage terms, it went down by 0.51% […]

PCDA Circular : Implementation of recommendation of 7th CPC – Grant of Non-Functional Up gradation (NFU)

February 23, 2021 By selva Leave a Comment

PCDA Circular : Implementation of recommendation of 7th CPC – Grant of Non-Functional Up gradation (NFU) IMPORTANT CIRCULAR (Through PCDA (WC) Website) No. AN/III/1874/NFU Dated: – 17.02.2021 To, 1.All Sub Offices and IFAs (under PCDA (WC) Chd.) 2. All Sections (Main Office, PCDA (WC) Chd.) Subject: Implementation of recommendation of 7th CPC- Para 11.12.140- Grant […]

Kolkata (Phase -III) Housing Scheme

February 21, 2021 By selva Leave a Comment

Kolkata (Phase -III) Housing Scheme CENTRAL GOVERNMENT EMPLOYEES WELFARE HOUSING ORGANISATION(An Autonomous body of Govt. of India, under the aegis of M/o Housing & Urban Affairs)6th floor, `A’ Wing, Janpath Bhawan, Janpath, New Delhi-110001Ph: 011-23717249, 23739722, 23355408 Fax: 011-23717250 AnnouncesKOLKATA (PHASE – III) HOUSING SCHEME(WBHIRA No. HIRA/P/SOU/2021/001183) ABOUT THE ORGANISATION: Central Government Employees Welfare Housing […]

CGHS : Empanelment of AYUSH Hospital/Centers under CGHS/CS (MA) Rules

February 21, 2021 By selva Leave a Comment

Empanelment of AYUSH Hospital/Centers under CGHS/CS (MA) Rules F.No.S. 110011/90/2016-CGHS (HEC)/AYUSH/Pt.II Government of India Ministry of Health& Family Welfare Directorate General of Central Government Health Scheme Nirman Bhavan , New Delhi Date: 12 February, 2021 OFFICE MEMORANDUM Subject:- Empanelment of AYUSH Hospital/Centers under CGHS/CS (MA) Rules. With reference to the above mentioned subject attention is […]

Finmin Order : Clarification on Cash Management Guidelines – Regarding

February 20, 2021 By selva Leave a Comment

Finmin Order : Clarification on Cash Management Guidelines – regarding F.No.12(13)-B(W&M)/2020 Ministry of FinanceDepartment of Economic Affairs(Budget Division) New Delhi,17th February, 2021. OFFICE MEMORANDUM Subject: Clarification on Cash Management Guidelines – regarding. Clarifications have been sought regarding expenditure ceiling during last quarter and last month of 2020-21. It is clarified that the reference to this […]

CPAO : Documents to be submitted by family pensioner alongwith the formats

February 19, 2021 By selva Leave a Comment

CPAO : Documents to be submitted by family pensioner alongwith the formats CPAO/Tech/Bank Performance/37 Vol-III(A)/2020-21/81 Dated: 12.022021 To, The Head of CPPC/GBD _______________________ ________________________ ________________________ Subject:- Documents to be submitted by family pensioner alongwith the formats. Sir/Madam, Your kind attention is invited to CCS Pension (Rules) 1981, Para 24 of the “Scheme for Payment of […]

CGEGIS : Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the period from 01.01.2021 to 31.03.2021.

February 19, 2021 By selva Leave a Comment

Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the period from 01.01.2021 to 31.03.2021. No. 7(2)/EV/2016 Government of IndiaMinistry of FinanceDepartment of Expenditure New Delhi, the 15th February, 2021 OFFICE MEMORANDUM Sub: Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the […]

Finmin Order : Clarification regarding queries being received in respect of Special Cash Package equivalent in lieu of Leave Travel Concession Fare for Central Government Employees during the block 2018-21.

February 18, 2021 By selva Leave a Comment

Finmin Order : Clarification regarding queries being received in respect of Special Cash Package equivalent in lieu of Leave Travel Concession Fare for Central Government Employees during the block 2018-21. No.12(2)/2020/E-II.A Government of India Ministry of Finance Department of Expenditure North Block New Delhi Dated 16th February, 2020 OFFICE MEMORANDUM Subject: Clarification regarding queries being […]

Rajya Sabha Q&A : Methodology for Fixation of Basic Pay 

February 10, 2021 By selva Leave a Comment

Rajya Sabha Q&A : Methodology for Fixation of Basic Pay GOVERNMENT OF INDIA MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS (DEPARTMENT OF PERSONNEL AND TRAINING) RAJYA SABHA UNSTARRED QUESTION NO. 427 (TO BE ANSWERED ON 04.02.2021) METHODOLOGY FOR FIXATION OF BASIC PAY 427 SHRI NEERAJ SHEKHAR: Will the PRIME MINISTER be pleased to state: (a) […]

More Posts from this Category

List of Holidays during the year 2021 for central government offices in Tripura

Regarding list of public and restricted holidays during the year 2021 for central government offices located in Tripura

Holiday list in the State of Haryana during the Calendar year 2021

Holiday list both public holidays and restricted holidays in the State of Haryana during the Calendar year 2021, dated December 3, 2020

Recent comments

  • Kashif on LTC Leave Enhancement Calculator For Block Year 2018-2021
  • Nilrudra Mandal on LTC Leave Enhancement Calculator For Block Year 2018-2021
  • M.K.KUMAR on LTC Leave Enhancement Calculator For Block Year 2018-2021
  • Suraj on LTC Leave Enhancement Calculator For Block Year 2018-2021
  • M.K.KUMAR on LTC Leave Enhancement Calculator For Block Year 2018-2021
  • Pradeep on LTC Leave Enhancement Calculator For Block Year 2018-2021
  • kapil yadav on Pay Matrix Table For Rajasthan
  • M.K.KUMAR on 7th Pay Commission Pay Matrix table
  • shiva on Guidelines for Admission in KVS 2020-2021
  • Nagaraja on 7th Pay Commission Pay Matrix table

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Search

calcuators

  • Expected DA from July 2021- Calculator
  • HRA calculator 2020 (DA>25%)
  • Tax benefit calculator 2020
  • Expected DA For Bank Employees From November 2020
  • 7th pay commission calculator [updated]
  • Promotion/MACP Option form Calculator
  • 7th Pay Commission Pension Calculator
  • Bonus Calculator 2020
  • LTC Leave Enhancement Calculator For Block Year 2018-2021
  • LTC cash voucher scheme Ready reckoner

Pay Matrix table

  • Defence Personnel
  • MNS Officers
  • Tamil nadu
  • Rajasthan
  • Odisha
  • Gujarat
  • Haryana
  • Jharkhand
  • Madhya Pradesh
  • Nagaland
  • Tripura
  • Uttrakhand
  • Assam
  • Bihar

CSD Price list

  • CSD Car Price List 2021
  • Maruti Suzuki CSD Car Price List 2021

KVS Schools list

  • List of Kendriya Vidyalaya Schools
Copyright© 2010–2021

Central Government Employees News - Govtempdiary