A TDS rate on cash withdrawals calculator launched by the Income Tax Department

Since the new rule related to the TDS on cash withdrawal came this month, the income tax department tried making it easier for all the banks and financial institutes. They have launched a calculator which can calculate TDS under section 194N.

This is only going to be used by the banks, offices and the co-operative societies. You can check it on the website under the quick links section on e-filling portal. There will be a new sub section called verification of applicability u/s 194N has been inserted.

To verify the same, you can go to the link and give your PAN number and a mobile number so that it can be verified by the OTP. Banks will be able to calculate the TDS rate for you through the tool.

You also can be asked to sign a declaration letter with a copy of acknowledgement of return of Income (ITR-V) of FY 2018-19, FY 2017-19 and FY 2016-17 for verification.