Hello Experts,
I need inputs on cash withadrawal limits in one financial year.
How much maximum cash can be withdrawed in one financial year, which is set by IT department?
Is there any limitation on TOTAL withdrawals by individual from different savings accounts in different banks?
Please advice.
If withadrawals exceed the set limit, what are possible actions from Income tax department?
regards
Kedar Kulkarni
There is no such limit by IT Dept. on cash withdrawal.
Pls see notes on boundation of income tax on following transactions
Cash deposits aggregating to ten lakh rupees or more in a year in any savings account by you
maintained in a banking company to which the Banking Regulation Act, 1949 (10 of 1949),
applied (including any bank or banking institution referred to in section 51 of that Act) 2. 002 Payment made by you against bills raised in respect of a credit card aggregating to two lakh
rupees or more in a year.
3. 003 Payment made by you of an amount of two lakh rupees or more for purchase of units of
Mutual Fund.
4. 004 Payment made by you of an amount of five lakh rupees or more for acquiring bonds or
debentures issued by a company or institution.
5. 005 Payment made by you of an amount of one lakh rupees or more for acquiring shares issued
by a company.
6. 006 Purchase by you of any immovable property valued at thirty lakh rupees or more.
7. 007 Sale by you of any immovable property valued at thirty lakh rupees or more.
8. 008 Payment made by you of an amount of
Thanks Pankaj, for reply.
I need some more information on cash deposites.
If deposites exceeds amount of 10 Lakh, I am entitled to include this in AIR form alongwith ITR.
But if the amount is already taxed, do I need to highlight paid tax as well?
In case of deposites, liquidated from Fixed Deposites (Not Cash), do I need to any special care?
Please advise.
regards
Kedar Kulkarni
I need some more information on cash deposites.
If deposites exceeds amount of 10 Lakh, I am entitled to include this in AIR form alongwith ITR.
Yes you have to show is your AIR its just for information and you also paying actual tax so don’t worry.
But if the amount is already taxed, do I need to highlight paid tax as well?
No need to highlight.
In case of deposites, liquidated from Fixed Deposites (Not Cash), do I need to any special care?
No need to care about liquidated of FD because bank will deducts tax itself.. but don’t deposit cash for FD in future Always use cheque.
T R SOOD & CO
New Delhi
CA Inter
View Details
CAclubindia
