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of <h1>Section 194N: 2% TDS on Cash Withdrawals Over Rs. 1 Crore Annually from Banks or Post Offices Effective Sept 2019.</h1> The Finance (No. 2) Act, 2019 introduced Section 194N in the Income-tax Act, 1961, imposing a 2% tax deduction at source (TDS) on cash withdrawals exceeding one crore rupees annually from banks or post offices, effective from September 1, 2019. The Central Board of Direct Taxes clarified that withdrawals before this date are exempt from TDS. However, for calculating the threshold, cash withdrawals from April 1, 2019, are considered. If withdrawals reached one crore rupees by August 31, 2019, the 2% TDS applies to subsequent withdrawals.
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