Cash received from bank

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rajeev (Querist)
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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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 August 2013 Yes income tax dept can ask as that is not a normal transaction.

rajeev

rajeev (Querist)
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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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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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