The undersigned is directed to inform that Government of India has inserted Section 194N in the Income Tax Act 1961, through Finance Act (No.2) 2019 for deduction of TDS @ 2% on cash withdrawals in excess of Rs. 1 Crore in a year, from 1.09.2019 and the new provision mentioned in Section 194N is applicable from the financial year 2019-20.
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