Thank you for banking with YES BANK.
As per the provisions of Income Tax Act, Banks are required to deduct TDS @ 2% from the aggregate cash withdrawals exceeding INR 1 Crore made during a Financial Year, from one or more accounts, maintained by a customer under the same PAN.
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As per amendments made in the Section 194N, vide Finance bill, 2020, passed on 21st March 2020, TDS will be deducted as below –
|•||@ 2% from the aggregate cash withdrawals exceeding INR 20 lacs and @ 5% from the aggregate cash withdrawals exceeding INR 1 crore in case the customer has not filed his Income Tax returns for three Assessment Years relevant to 3 Previous Years immediately preceding the previous year in which the payment of the sum is made to him. This amendment is effective from 01st July’2020.|
|•||@20% from the aggregate cash withdrawals exceeding INR 20 lacs, in case the PAN number is not updated in the account.|
In case you wish to claim exemption from Tax Deduction at Source (TDS) on aggregate cash withdrawals in excess of INR 20 lacs in a Financial Year, you are requested to submit the TDS Exemption form in the format provided in the links given below.
If you are not entitled to any exemption as above, you are required to submit a declaration confirming filing of Income tax returns in the format given in the below link.
If we do not receive the TDS Exemption form along with supporting documents /Declaration, you will not be entitled for any exemption and TDS will be deducted as per provision of Section 194N of the Income Tax Act, 1961.
Hence, we request you to kindly visit your nearest YES BANK branch at the earliest and submit the duly filled and signed TDS Exemption/Declaration form, available at our branches for the Financial Year beginning on 1st April 2020.
Also, kindly note that the TDS Exemption / Declaration form submitted will be valid for ONE Financial Year only. In order to claim the benefit in the subsequent Financial Years, a fresh declaration will have to be submitted for each Financial Year separately failing which the Bank shall deduct TDS at applicable rates.
For further assistance, please contact your Relationship Manager or visit nearest YES BANK branch.
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