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No TDS on cash withdrawal by foreign representations from Dec 1: Income Tax department

No TDS on cash withdrawal by foreign representations from Dec 1: Income Tax department


Published on 2024-11-29 09:01:09 - Bill Williamson, WOPRAI
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  • As per section 194N of the Act, TDS is required to be deducted when an individual withdraws a sum exceeding Rs 20 lakh in cash during a fiscal year without having filed income tax returns for the previous three Assessment Years.

The Income Tax Department has announced that from December 1, 2024, no Tax Deducted at Source (TDS) will be applicable on cash withdrawals by foreign representations in India. This decision aims to facilitate smoother financial transactions for diplomatic missions and their personnel. Previously, under Section 194N of the Income Tax Act, TDS was imposed on cash withdrawals exceeding certain limits from banks. The exemption will apply to withdrawals made by foreign diplomatic missions, consular posts, and their accredited personnel, recognizing their special status and the need for efficient financial operations. This move is expected to reduce administrative burdens and enhance the ease of doing business for these entities in India.

Read the Full Business Today Article at [ https://www.businesstoday.in/personal-finance/tax/story/no-tds-on-cash-withdrawal-by-foreign-representations-from-dec-1-income-tax-department-455684-2024-11-29 ]
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