Cash withdrawal limit incase of Pvt Ltd company
This query is : Resolved
16 July 2021
Dear Sir,
What is the cash withdrawal limit incase of a Pvt Ltd company in one financial year?
Regards,
Divyesh Jain
What is the cash withdrawal limit incase of a Pvt Ltd company in one financial year?
Regards,
Divyesh Jain
16 July 2021
If withdrawal is from bank, the limit is ONE Crore with out attracting section 194N of the Income tax Act,1961.
16 July 2021
I am having excess bank balance in the company's account and want to withdraw this money without showing as an expense. Is cash withdrawal the right option?
16 July 2021
How do you intend to use that cash after withdrawal, also matters.
16 July 2021
Yes, will be using that cash to book expenses but in small amounts every year.
16 July 2021
You may withdraw but if the threshold limit for cash withdrawal exceeds the limit, then TDS u/s 194N would apply. That is the bank would deduct tax at source on such withdrawals. For more, refer section 194N.
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