2 lakhs cash withdrawal from own bank account

please clarify the position RS. 2 lakhs from my bank account through my employee .
Replies (8)
Quick Summary
This discussion clarifies the legality of withdrawing a large sum of cash, specifically Rs. 2 lakhs, from one's own bank account, even if done by an employee. It addresses concerns about potential fraud and whether such withdrawals are permissible under the Income Tax Act, particularly for senior citizens during the current pandemic. The consensus is that withdrawals with consent are not penalised, but unauthorised transactions require bank intervention.

Is it a fraud? Transfer the amount to suspense account and call the police.

My personal purpose this type withdrawal permissible or not under I T Act , please clarify the position .
This amounts to circumventing the provisions of the Act.
Why , I am senior citizens age above 69 years and government guideline not move at present KARONA position in India , it is permissible or not at present condition

Any transfer is possible online. Since banks are working, transfers are permissible. 

Any penalty imposeable this type withdrawal from own account under Income tax act at present

If money is withdrawn from your account, there is no penalty imposed if the transaction occurred with your consent. If someone took your money without your knowledge, you have to speak to the bank for compensation. 

Thanks

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