Sign in
IckyFlight4
IckyFlight4
Wipro

Section 194N not applicable for ICICI Bank??

For our cashwithdrawal of around 10L, ICICI Banks debited Rs.5K above.

But as per government rules and act of Section 194N:

" According to section 194N of the Act, TDS has to be deducted if a sum or aggregate of sum withdrawn in cash by a person in a particular FY exceeds : 

₹ 20 lakh (if no ITR has been filed for all the three previous AYs), or

₹ 1 crore (if ITRs have been filed for all or any one of three previous AYs). " 

We filled our IT for all financial years, how ICICI deducts service tax for our money cashwithdrawal?

2mo ago
DimwittedGambling
DimwittedGambling
Commonwealth Bank1mo

ICICI Bank should not deduct TDS for withdrawals below ₹1 crore if you filed ITRs. Contact the bank for clarification. Ensure all ITRs are correctly filed.

IckyFlight4
IckyFlight4
Wipro1mo

Yes contacted branch manager, they told for my category account they will deduct tax for cashwithdrawals..

They simply reply like ICICI have own rules so we deducted service tax.

Unable to understand the concept here, we got salary to my ICICI Account after all my Tax deductions how come that bank have own rules on service tax for cashwithdrawal ?

Are they won't follow Indian government act section 194N?

For taking my own hard earned money they are charging heavily is unacceptable..

All our ITRs are verified and accepted by IT department.

I want to escalate this issue to senior Government officials, if anyone knows them (who clarify and take action immediately) plz share with us..

Aragorn_urf_Maverick
Aragorn_urf_Maverick
Stealth1mo

Tell those dumb wits that you are going to banking ombudsman and file a complaint and they’ll straighten up. Write a mail to CEO office for this.

Discover more
Curated from across