Cash withdrawal limit from bank.

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This query is : Resolved

rajeev (Querist)

16 August 2013 As per Ganesh Babu K. Expert of your club says if we deposit or withdraw an amount more than 10 lakhs in single day, same will be reported to Income Tax Department.
And
As per Siddharth Bhardwaj, Expert of your club says only cash deposit, reported to Income Tax Department not for withdrawl.

Know my question is that how much much can we withdraw from bank in a single day and same not asked by Income Tax Department.
Please advise.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

16 August 2013 for any amount below rs 50,000 withdrawn in cash on 1 single day shall not require pan number to be quoted while withdrawing.

Message likes : 1 times

Pankaj Gupta

Pankaj Gupta (Expert)

17 August 2013 I agree with the views of mr sampat. And regarding that limit of 10 lakhs, whatever you are saying is wrong. Actually, when an account holder deposits in his saving account, in a single financial year, an amount equalent to 10 lakhs, or more, his details are forwarded to department by the bank through an annual information return (AIR).

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