TMI BlogSection 194N - Payment of certain amounts in cashX X X X Extracts X X X X X X X X Extracts X X X X ..... g the previous year, to any person (herein referred to as the recipient) from one or more accounts maintained by the recipient with it. Rate of TDS During the period of 01.09.2019 to 30.06.2020 equal to 2% of such sum where the amount or aggregate of amounts being paid in cash, if exceeds ₹ 1 crore From the period of 01.07.2020 (i) In case of a recipient who has filed the returns of income for all of the 3 assessment years relevant to the 3 previous years an amount equal to 2% of the sum where the amount or aggregate of amounts being paid in cash exceeds ₹ 1 crore other than Co-operative society or ₹ 3 crore in case of co-operative society [Amended by FA, 2023 , w.e.f., 01.04.2023] (ii) In case of a recipient who has not f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the RBI under the payment and settlement system act, 2007. The Central Government may specify, with the consultation of RBI, by notification, the recipient in whose case section 194N shall not apply at reduce rate, subject to the satisfaction of the conditions specified in such notification. Accordingly, the Central Government after consultation with the Reserve Bank of India, hereby specifies Commission agent or trader, operating under Agriculture Produce Market Committee (APMC), and registered under any Law relating to Agriculture Produce Market of the concerned State For availing exemption from applicability of TDS u/s 194N, The commission agent who has intimated to the banking company or co-operative society or post office his acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ealer and its franchise agent and sub-agent; and (b) Full-Fledged Money Changer (FFMC) licensed by the Reserve Bank of India and its franchise agent; Such person should maintain a separate bank maintaining a separate bank account from which withdrawal is made only for the purposes of,- (i) purchase of foreign currency from foreign tourists or non-residents visiting India or from resident Indians on their return to India, in cash as per the directions or guidelines issued by Reserve Bank of India; or (ii) disbursement of inward remittances to the recipient beneficiaries in India in cash under Money Transfer Service Scheme (MTSS) of the Reserve Bank of India; The exemption from the requirement to deduct tax u/s 194N would be available only if ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
