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cash withdraw

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(Querist)
23 October 2017 Some CA and tax consultant say that if you withdraw cash more than 50 lakhs during the year from bank, I. T. department issue scrootiny for this 
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jitendra

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jitendra (Querist)
23 October 2017 is it true?
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
23 October 2017 Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more current accounts of a person will have to be reported by the bank to the I-T authorities. So you have to file return for same , if details are properly give. in your return then no scrutiny arise.
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RAJA P M

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RAJA P M (Expert)
23 October 2017 Yes.... I agreed with CA Rashmi Gandhi., Above said ITO ask details for income / expense of Cash it's not scrutiny... The ITO satisfied then we can get relax. If not he will raise Scrutiny..... GOOD LUCK
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