Cash withdrawal from bank
This query is : Resolved
15 August 2013
How much amount can we take from Bank as a Cash, and Income Tax Department not ask, whether this amount is use. In One Day, In One Month or In One Financial Year.
If take 12 to 15 lakhs in one day, what is the solutions.
If take 12 to 15 lakhs in one day, what is the solutions.
Ganeshbabu K
(Expert)
16 August 2013
As far as IT Provision is concern, where some specified persons are held responsible for filing Annual Information Return (AIR ) with the Income Tax Department.These data are then taken up on a sample basis for Scrutiny Selection.
As per this..
if you withdraws or deposits more than 10lakhs in a single day respective banks will sends your details to incometax department in their AIR which is mandatory for them
As per this..
if you withdraws or deposits more than 10lakhs in a single day respective banks will sends your details to incometax department in their AIR which is mandatory for them
16 August 2013
AIR reporting is only in case of cash DEPOSITS. It is NOT done for cash WITHDRAWALS.
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