Cash withdrawal from bank

This query is : Resolved

rajeev (Querist)
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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.

Ganeshbabu K

Ganeshbabu K (Expert)
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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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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16 August 2013 AIR reporting is only in case of cash DEPOSITS. It is NOT done for cash WITHDRAWALS.

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