As per section 194N, if any assessee withdraw the amount of from banks, post office or co-operative society engaged in banking business more than __________ during the previous year 2020-21 then the tax will be deducted

CS Executive · Tax Laws and Practice · PYQS · June 2021
As per section 194N, if any assessee withdraw the amount of from banks, post office or co-operative society engaged in banking business more than __________ during the previous year 2020-21 then the tax will be deducted at rate __________ on the amount in excess withdrawn. (Assuming the cash withdrawn before May, 2020)
(A) One crore; 1%
(B) One crore; 2%
(C) Two crore; 1%
(D) Two crore; 2%

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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