TDS on Cash Withdrawals.
             Date:

    Dear Customer,

     

    As per amendment in section 194N of I T Act

     

    A) 2% TDS will be deducted on consolidated cash withdrawal above Rs.20.00 lakhs & 5% TDS on cash withdrawals above Rs.1 Cr/- if all last 3 years ITR are not submitted.

    B) 2% TDS will be deducted above Rs.1 Cr/- if all last 3 years ITR are submitted.

     

    To avail exemption from this provision, please submit copy of all ITR Acknowledgement for FY 2018, 19&20 to your branch before 07/07/2020.

     

    Although this provision is made applicable for withdrawals after 01/07/2020 but total withdrawals in this FY 2020-21 will be considered.


    Regards

    Janata Sahakari Bank Ltd., Pune