Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020)
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TDS on cash withdrawals: specified pre amendment exemptions remain valid under the amended proviso, subject to conditions. Three pre-amendment notifications exempted specified entities-cash replenishment agencies and WLATMO franchisees for ATM cash replenishment; APMC commission agents/traders registered under state APMC laws; and authorised dealers/FFMCs and their agents for specified foreign exchange purchases and remittance disbursements-from TDS under section 194N subject to conditions. Following amendment, the proviso became the fourth proviso; the Board clarifies that the three notifications shall be deemed issued under the fourth proviso and the exemptions continue to be subject to their stated conditions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
TDS on cash withdrawals: specified pre amendment exemptions remain valid under the amended proviso, subject to conditions.
Three pre-amendment notifications exempted specified entities-cash replenishment agencies and WLATMO franchisees for ATM cash replenishment; APMC commission agents/traders registered under state APMC laws; and authorised dealers/FFMCs and their agents for specified foreign exchange purchases and remittance disbursements-from TDS under section 194N subject to conditions. Following amendment, the proviso became the fourth proviso; the Board clarifies that the three notifications shall be deemed issued under the fourth proviso and the exemptions continue to be subject to their stated conditions.
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