cash withdraw
This query is : Open
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
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.
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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