TDS on cash withdrawal above Rs 1 crore comes into effect
Updated : September 08, 2019 02:01 PM IST
If your total cash withdrawal in a year across all bank accounts exceeds Rs 1 crore, then a 2 percent tax deduction at source (TDS) will be levied against any amount above Rs 1 crore.
The new rules came into effect September 1 following the amendment of Income-Tax Act.
The new taxation rules are in line with the government’s efforts to increase cashless transactions and reduce reliance on physical currency.