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of <h1>Finance Bill 2023 amends Section 194N, raising cash withdrawal tax threshold for co-operative societies to three crore rupees.</h1> Clause 85 of the Finance Bill, 2023, amends section 194N of the Income-tax Act. The amendment introduces a third proviso, altering the cash withdrawal limit for co-operative societies. Previously, a banking entity or post office had to deduct 2% income tax on cash payments exceeding one crore rupees. The amendment raises this threshold to three crore rupees specifically for co-operative societies. This change is effective from April 1, 2023.
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