Cash withdrawl

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Gaurav Bansal (Querist)
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04 April 2017 Please confirm that if i withdraw Rs 5,00,000. from my current account then whether it will attract penalty or not ?

Sandeep Dharar

Sandeep Dharar (Expert)
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04 April 2017 Better to go for transactions other than cash, there is no such penalty as per income tax rules, but cash expenses above 3 L attracts 100% penalty {in addition to that u must also keep in mind the limit mentioned u/s 40A(3)}

CA Gopal Somani

CA Gopal Somani (Expert)
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06 April 2017 A press release has been issued. Cash withdrawal from bank is not included under 269ST Below is the link http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/610/Press-Release-on-promoting-Digital-Economy-5-4-2017.pdf

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