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Cash deposits and withdrawals limit for sb and current bank account
gst registeration and it returns non filing business person cash deposits in bank sb and current account, cash transfer to Google pay and phone pay through on online mode (cash withdrawal) bank sb and current accounts limit for one financial year in it act.
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According to section 194N of the Act, 2% TDS has to be deducted if a sum or aggregate of sum withdrawn in cash by a person in a particular FY exceeds : 20 lakh (if no ITR has been filed for all the three previous AYs).
2% TDS if withdrawal in a year exceed 1 crores rupees
IN AIS SHOWS 11 LAKHS CASH DEPOSITS AND CASH WITHDRAWALS 800000/- WHAT NEED TO DECLARE IN THIS REGARD TO HIS B/S? , HE GOT GST AS PER TO.4200000/- AS SALES. SIR.
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