Money Guru: How much tax will need to pay for withdrawing cash? What is the limit for cash deposit in the bank?
Zee Business Video Team | Updated: May 11, 2022 10:44 PM IST
If you are a taxpayer then there is very important news for you. Your one mistake can get you a notice from the tax department. Actually, the government keeps an eye on all your financial transactions. If you do cash transactions more than a limit, then you can get a notice from the Income Tax Department. If a person withdraws more than the prescribed limit in a financial year, then TDS i.e. Tax Deduction at Source (TDS) is deducted under section 194N of the Act. What is the limit for depositing cash in the bank? How much tax will have to be paid on cash withdrawal? What is the limit for accounts? How much is cash payment limit? What is the limit for cash deposit in the bank? Watch Money Guru and know the answer to all these questions from experts.
