The payer as per section 194N of Income tax Act, 1961 is required to deduct tax at source at the rate of ______ on the cash payments, if aggregate of withdrawals during the financial year from any account maintained with

CS Executive · Tax Laws and Practice · PYQS · December 2020
The payer as per section 194N of Income tax Act, 1961 is required to deduct tax at source at the rate of ______ on the cash payments, if aggregate of withdrawals during the financial year from any account maintained with a banking company or cooperative bank or post office exceeds ______.
(A) 1%, ₹1 crore
(B) 2%, ₹1 crore
(C) 1%, ₹2 crore
(D) 1%, ₹5 crore

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Tax Deducted at Source (TDS)

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