Cash withdraw from bank exceeding 2 lakh
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 April 2017
Dear Experts,
Can i withdraw the Rs. 3 Lakh cash from firms's OD A/C in single day? If so what will be consequences,
Thanks In Advance
TANVI AGARWAL
Can i withdraw the Rs. 3 Lakh cash from firms's OD A/C in single day? If so what will be consequences,
Thanks In Advance
TANVI AGARWAL
CA Gopal Somani
(Expert)
05 April 2017
Currently it is debatable, Lots of confusion. Many CA's are having view that Cash withdrawal from bank is included in 269ST and some believes otherwise. A clarification has been asked from FM.
Until we get the clarification its better not to withdraw 200000 in a single day from a bank account. Amount of penalty will be the same amount which is withdrawn.
Until we get the clarification its better not to withdraw 200000 in a single day from a bank account. Amount of penalty will be the same amount which is withdrawn.
CA Gopal Somani
(Expert)
06 April 2017
A press release has been issued. Cash withdrawal from bank is not included under 269ST Below is the link https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/610/Press-Release-on-promoting-Digital-Economy-5-4-2017.pdf
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Nursery business
- Tax on Amount transferred in HUF Account
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Intimation under section 245
- ETDS return q4 25-26
- Section 269ST applicability for capital introduced by partner to his partnership firm
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
