Applicability of Sec 269ST to Bank withdrawl

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This query is : Resolved

Ali Ahmed Khan (Querist)

04 April 2017 Whether withdrawing of Rs 2 lac or above from saving or current Bank account will attract section 269ST? That is whether 100% penalty for will be levied or not for accepting Rs 2 lac or above in cash during the year?

CA Gopal Somani

CA Gopal Somani (Expert)

05 April 2017 Currently it is debatable, Lots of confusion. Many CA's are having view that Cash withdrawal from bank is included in 269ST and some believes otherwise. A clarification has been asked from FM. Until we get the clarification its better not to withdraw 200000 in a single day from a bank account.

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CA Gopal Somani

CA Gopal Somani (Expert)

05 April 2017 A press release has been issued. Cash withdrawal from bank is not included under 269ST Below is the link https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/610/Press-Release-on-promoting-Digital-Economy-5-4-2017.pdf

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