Cash withdrawal limit from bank.
This query is : Resolved
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.
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.
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for any amount below rs 50,000 withdrawn in cash on 1 single day shall not require pan number to be quoted while withdrawing.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
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).
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- FEMA regulation Act. for inward remitance
- TAX AUDIT QUESTION
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
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
