https://www.taxtmi.com/highlights?id=75418 TDS u/s 194N - Constitutional validity of TDS on cash withdrawal from Bank exceeding a certain threshold - The High Court upheld the constitutionality of Section 194N, stating that the provision's aim to reduce cash transactions and encourage a transparent and accountable economy is laudable. The Court emphasized that Section 194N, as a machinery provision, does not levy a new tax but provides a mechanism for tax collection on transactions that could potentially escape the tax net. - The Court clarified that the nature of withdrawals and their taxability is a matter for assessment and cannot be predetermined. It rejected the argument that the amounts withdrawn by the cooperative societies did not constitute taxable income. en-us Tue, 05 Mar 2024 16:18:32 +0530 Tue, 05 Mar 2024 16:18:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75418 TDS u/s 194N - Constitutional validity of TDS on cash withdrawal from Bank exceeding a certain threshold - The High Court upheld the constitutionality of Section 194N, stating that the provision's aim to reduce cash transactions and encourage a transparent and accountable economy is laudable. The Court emphasized that Section 194N, as a machinery provision, does not levy a new tax but provides a mechanism for tax collection on transactions that could potentially escape the tax net. - The Court clarified that the nature of withdrawals and their taxability is a matter for assessment and cannot be predetermined. It rejected the argument that the amounts withdrawn by the cooperative societies did not constitute taxable income. Highlights Income Tax Tue, 05 Mar 2024 16:18:32 +0530 https://www.taxtmi.com/highlights?id=75418