A individual status it person cash withdrawal rs:15,000/- per month for the purpose of family expenses. question: cash withdrawal rs:15,000x12 months accepted in it act.
Replies (3)
Quick Summary
This discussion clarifies that a monthly cash withdrawal of Rs 15,000 for personal family expenses is generally accepted under the Income Tax Act for individuals. While there are specific rules and thresholds for companies, this amount is considered reasonable for personal use and does not pose an issue.