Weekly cash drawings for home expenses
This query is : Resolved
TARIQUE RIZVI
(Querist)
15 April 2019
Can I draw in cash weekly a sum of Rs 10,000 for my home expenses out of my business income ? Whether may be some income tax issue on such drawings ? Please guide me and oblige.
17 April 2019
Drawing will not attract income tax. It will only create shortage of capital in future
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TARIQUE RIZVI
(Querist)
17 April 2019
Tks for yr reply. I am running a proprietary concern and withdraw Rs 10,000 weekly in cash out of the cash in hand with me of my concern. Total drawings in cash during any financial year will arrive as at Rs. 4,80,000. Whether income tax department has not allowed such a big drawings in cash ?
17 April 2019
There is no such limit on cash withdrawal. You can claim any amount as drawing.
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