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of <h1>Income Tax Bill 2025 Clause 393 replaces Section 194N with 2% TDS on cash withdrawals above Rs 1 crore</h1> The Income Tax Bill 2025 proposes Clause 393 for tax deduction at source on cash withdrawals, replacing Section 194N of the Income-tax Act 1961. Both provisions target large cash withdrawals to curb unaccounted money and promote digital transactions. Key similarities include 2% TDS rate, Rs. 1 crore threshold (Rs. 3 crore for co-operative societies), and exemptions for government entities, banks, and authorized intermediaries. However, the new Bill appears to omit explicit provisions for non-filers who previously faced lower thresholds and higher rates. The consolidated structure under Clause 393 may improve clarity but requires careful cross-referencing to avoid interpretational issues.
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