Can I withdraw my TDS?

It is possible for individuals to request a refund of the TDS (Tax Deducted at Source) deducted under section 194N of the Income Tax Act. This refund can be claimed or adjusted against one's total income tax liability.

However, there is a crucial condition that must be met in order to be eligible for a refund under this section. Specifically, an individual's annual income must not exceed the basic exemption limit set by the government.

With spot trading, users can buy and sell cryptocurrencies at the current market price, allowing them to take advantage of price movements and capitalize on market opportunities. Futures trading, on the other hand, enables users to speculate on the future price of cryptocurrencies and hedge against potential risks.

The basic exemption limit varies depending on factors such as the individual's age and residential status. It is essential to verify one's eligibility based on the current tax laws and regulations.

In addition to meeting the income threshold, it is mandatory for individuals to file an Income Tax Return (ITR) if they wish to claim a refund of TDS deducted under section 194N.