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Cash withdarwal rs.4.00 lac from bank

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 April 2017 Unknown about the recent rule, I have withdrawn Rs. 4.00 lac from my saving bank account on 03.04..2017.. What is the consequences now ? Is there may be any remedy or explanation for the same ?
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
04 April 2017 Even cash withdrawals of Rs. 2 Lakhs or above are understood to have been covered under section 269ST applicable from 1.4.2017. In case of any query from income tax department you may offer your explanations regarding the source of such cash such as past savings, income, receipt etc.
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