Budget 2019: How Cash Withdrawal From Bank Accounts Can Attract 2% Tax

In the Union Budget for 2019-20, the government has proposed to impose a TDS or tax deduction at source of 2 per cent if an individual or an entity withdraws Rs 1 crore or more from a bank account in a financial year. In the Finance Bill, tabled in Parliament by Finance Minister Nirmala Sitharaman on Friday, the government proposed to introduce a new section, Section 194N, in the Income Tax Act. Tax experts say the amendments to the ...