Cash received from bank
This query is : Resolved
14 August 2013
Sir,
My friend withdraw the amount of 90 lakhs from bank. It is accounted. Can income tax department ask that, where this money are use by my friends or not ask by the income tax department. If he is given the money by donation etc or there is no receipt was available at present, or given to too many person without record, what is the solutions.
My friend withdraw the amount of 90 lakhs from bank. It is accounted. Can income tax department ask that, where this money are use by my friends or not ask by the income tax department. If he is given the money by donation etc or there is no receipt was available at present, or given to too many person without record, what is the solutions.
14 August 2013
Yes income tax dept can ask as that is not a normal transaction.
15 August 2013
So how much amount can we take from Bank in One time or in One Month or in One financial year.
And what is the solution, if money is need in Cash.
And what is the solution, if money is need in Cash.
15 August 2013
u should not withdraw more then 20,000 in cash on a day and open several bank a/c and operate them seperately.
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