Cash withdrawal tax deduction requires specified institutions to withhold tax once recipient-specific annual thresholds are exceeded. Cash withdrawals from one or more accounts maintained with a banking company, co-operative bank or Post Office attract tax deduction at source at 2%. The ... Summary
Cash withdrawal tax deduction requires specified institutions to withhold tax once recipient-specific annual thresholds are exceeded.
Cash withdrawals from one or more accounts maintained with a banking company, co-operative bank or Post Office attract tax deduction at source at 2%. The threshold is Rs. 3 crore for a co-operative society recipient and Rs. 1 crore for other recipients. The requirement applies only to cash withdrawals, and the specified institution is responsible for deduction.
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