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269st

Aakash Bajaj (Properitor) (26 Points)

02 April 2017

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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7 Replies

(Guest)

It is also proposed that the above restrictions will not apply to the government,

any banking company, post office savings bank or co-operative bank.

so dont worry

Aakash Bajaj (Properitor) (26 Points)
Replied 02 April 2017

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

(Guest)

it should not more than 200000/-

(Guest)

it should not more than 200000/-

Sunil Shyamsukha (CA Practice ) (47 Points)
Replied 02 April 2017

if each withdrawal is above 2 Lacs, then violation

anonymous (proprietor) (237 Points)
Replied 03 April 2017

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.

HARVINDER PAL SINGH (PARTNER) (22 Points)
Replied 04 April 2017

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