If a person has five bank accounts and withdraws Rs 1,99,000 from each account will he be liable for penalty under section 269ST
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269st
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The exception is when banking company, post office savings or cooperative individuals receive funds in excess of Rs 2,00,000. In my case an individual is receiving sum by withdrawing funds from bank account
if each withdrawal is above 2 Lacs, then violation
but in the above case, total receipt in a day due to withdrawal from different accounts is more than 2 lakhs, hence i think it would attract penalty under 269st.
In my opinion if the accounts are with different BANKS then section 269ST is not applicable because each bank is a diiferent person. In case withdrawls is from different branches of a same Bank then provisions of section 269ST are applicable because the branches are part of one person i.e. BANK
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