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Income Tax - Highlights / Catch Notes

Home Highlights July 2021 Year 2021 This

Constitutional validity and legality of Section 194N - Deduction ...

Income Tax

July 13, 2021

Constitutional validity and legality of Section 194N - Deduction of tax at source at the rate of 2% on cash withdrawals from, inter alia, a banking company exceeding ₹ 1 crore in a financial year - Considering the facts, we are inclined to grant an interim order restraining the respondents authorities concerned from deducting tax on source on the basis of the aforesaid provisions of Section 194N till 30th September, 2021. - HC

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