Yes, TDS of 2% will be applicable on cash withdrawal if:

1. Total cash withdrawal across all bank accounts (with AU Bank) under your PAN exceeds INR 1Crore in a financial year.

2. TDS will be charged only on the amount withdrawn above INR 1Crore.

3. The cash withdrawal limit for financial year 2019-20 will be considered from 1st April 2019

4. If you have already withdrawn above INR 1 Cr before 1st Sept. 2019, then TDS will be charged on any subsequent cash withdrawal done after 1st Sept. 2019.

Threshold limit of INR 1 Crore will be computed by accumulating total cash withdrawal under all modes i.e. TDS will be applicable if cumulative cash withdrawal done through ATM withdrawal, branch cash withdrawal, redemption of Term Deposit in cash etc. exceeds INR 1 Crore.

TDS would be applicable only on cash withdrawals on or after 1st Sept. 2019. For Financial Year 2019-20, for calculating threshold of INR1 Crore, withdrawals from 1st April 2019 would be considered.

Yes, 3rd Party cash withdrawal will be considered for TDS deduction. Therefores, if the overall cash withdrawn by you including 3rd party cash withdrawal through bearer cheque exceeds INR 1 Crore, then system will deduct TDS on cash withdrawal exceeding INR 1 crore.

No, the limit of INR 1 Crore is applicable at bank level. If you have withdrawn cash exceeding INR 1Crore from all the accounts of AU Bank, then only TDS will be deducted. If you have withdrawn INR 60 Lakh from an accounts maintained with AU Bank and INR 60 lakh from an account maintained with anotherbank, then no TDS will be deducted by either of the banks.

Following entities are exempt from TDS on cash withdrawal:

• Government;
• any banking company or co-operative society engaged in carrying on the business of banking or a post office;
• any business correspondent of a banking company or co-operative society engaged in carrying on the business of banking;
• any white label automated teller machine operator of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the authorization issued by the Reserve Bank of India;
• such other person(s) as the Central Government may notify.

Yes, TDS is applicable on cash withdrawn exceeding INR 1 Crore by sub-contractor/correspondent of a White Label ATM operator. However, if any account is maintained in the name of White Label ATM operator and cash is withdrawn by sub-contractor/correspondent merely acting as an authorized representative of such account, then no TDS will be deducted.