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Cash deposits and withdrawals limit for sb and current bank account

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Kollipara Sundaraiah

B.com

2405 Points Posted on 05 November 2021

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.

Replies (3)

Quick Summary

This discussion clarifies cash deposit and withdrawal limits for individuals with savings and current bank accounts, especially for those registered for GST but not filing income tax returns. It highlights Section 194N of the Income Tax Act, which mandates a 2% TDS deduction on cash withdrawals exceeding ₹20 lakh (if no ITR filed for 3 preceding AYs) or ₹1 crore in a financial year. The query also touches upon how to declare cash transactions shown in AIS, considering GST sales figures and potential balance sheet implications.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121543 Points Posted on 05 November 2021

According to section 194N of the Act, 2% TDS has to be deducted if a sum or aggregate of sum withdrawn in cash by a person in a particular FY exceeds : 20 lakh (if no ITR has been filed for all the three previous AYs).

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 07 November 2021

2% TDS if withdrawal in a year exceed 1 crores rupees

MURALIDOSS

INCOME TAX PRACTITIONER

1023 Points Posted on 15 July 2023

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.