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Cash transaction
One of my client want to Withdraw 2.50 Lac from bank he can withdraw or not Plz Suggest. 269ST applicable or not
Replies (2)
Section 269ST not applicable on withdrawal of any amount from own bank accounts. So, he can withdraw any amount without any hitch.
pls note that there are amendments made in finance Act. 2017 by which there is a penalty for receiving cash from bank too [ withdrawal of cash from bank even if from own account ]. no one can receive cash exceeding Rs. 3,00,000 on sigle day.......
Penalty would be attract, said contravention. Assessee should be able to prove appropriate reasons to such contravention in order to avoid liability.
Penalty would be attract, said contravention. Assessee should be able to prove appropriate reasons to such contravention in order to avoid liability.
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