CBDT notifies that credit for TDS on cash withdrawals exceeding INR 1 Crore u/s 194 N shall be available to deductee in the year of deduction
Central Board of Direct Taxes (CBDT) has issued a Notification No. 74/2019 dated 27th September, 2019 to insert a new sub-rule (3A) in rule 37BA of the Income Tax Rules, 1962 to provide that credit for tax deducted at source(TDS) on cash withdrawal exceeding INR 1 crore in a FY under Section 194N of the Income Tax Act, 1961, shall be given to the person from whose account tax is deducted and paid to the Central Government account. Such credit shall be allowed in the same year in which deduction is made.
This Notification shall come into force from 1st day of September, 2019.