{"id":241,"date":"2022-12-07T21:19:06","date_gmt":"2022-12-07T15:49:06","guid":{"rendered":"https:\/\/www.pancardapplyonline.com\/blog\/?p=241"},"modified":"2022-12-07T21:19:58","modified_gmt":"2022-12-07T15:49:58","slug":"is-it-safe-to-share-my-pan-card-details-while-withdrawing-cash","status":"publish","type":"post","link":"https:\/\/www.pancard.finconsolidated.com\/blog\/is-it-safe-to-share-my-pan-card-details-while-withdrawing-cash\/","title":{"rendered":"Is it safe to share my PAN card details while withdrawing cash"},"content":{"rendered":"\n

Cash Withdrawal and deposit limits are restricted by the Income tax<\/a> department when you cross that limit prescribed by the income tax department then you need to pay tax and have to give a proper explanation<\/p>\n\n\n\n

Understand the TDS implication on cash withdrawals-194N<\/p>\n\n\n\n

What is the rate of deduction of TDS from such cash withdrawals and on what sum?<\/strong><\/p>\n\n\n\n

The TDS would be deducted by a Bank, Co-operative Bank or Post Office @2% or @5% ( as the case may be) on a sum of cash withdrawal being the amount or the aggregate of amounts exceeding Rs 20 Lakhs or 1 crore ( as the case may be) during a previous year.<\/p>\n\n\n\n

How would the conditions of TDS deduction from cash withdrawals as given in answer to Q4 above vary, depending on filing or non-filing of ITR in earlier years by the recipient of cash?<\/strong><\/p>\n\n\n\n

In case the recipient receives the money on cash withdrawal has not filed the income tax return for all the three assessment years relevant to three previous years, immediately preceding the previous year when the withdrawal is being made, and time limit for filing return u\/s<\/p>\n\n\n\n

139(1) has expired, then the TDS is to be deducted during the previous year<\/p>\n\n\n\n

a) @ 2% of the sum where the amount or aggregate of the amount being paid in cash exceeds Rs 20 lakh but does not exceed Rs 1 crore; or<\/p>\n\n\n\n

b) @5% of the sum where the amount or aggregate of amounts being paid in cash exceeds Rs 1 crore.<\/p>\n\n\n\n

How the deductor can verify the applicability of TDS u\/s 194N?<\/strong><\/p>\n\n\n\n

Functionality is added to the e-filing portal of the Income Tax Department for VERIFICATION OF APPLICABILITY u\/s 194N. The deduct or needs to fill in the PAN<\/a> and mobile number and it will show the applicability.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cash Withdrawal and deposit limits are restricted by the Income tax department when you cross that limit prescribed by the income tax department then you need to pay tax and have to give a proper explanation Understand the TDS implication on cash withdrawals-194N What is the rate of deduction of TDS from such cash withdrawals […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[101,99,100,5,48,102],"class_list":["post-241","post","type-post","status-publish","format-standard","hentry","category-new-pancard-applying-online","tag-194n","tag-cash","tag-cash-withdrawal","tag-pan-card","tag-pancard-online","tag-section-194n"],"yoast_head":"\nIs it safe to share my PAN card details while withdrawing cash 194n<\/title>\n<meta name=\"description\" content=\"Cash Withdrawal and deposit limits are restricted by the Income tax department when you 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