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Cash withdrawal from bank

Pravin 87 (Professional) (1 Points)

27 February 2021  

I am salaried class person, I have withdrawn 8 lakhs from my saving account, (I have filled ITR for last 3 years.)

now I hold this cash with me without any transaction.

what should I do, as I can not deposit it back due to cash deposit limit ?

How can I ensure no income tax issue on this.

 


 5 Replies

Sourav (Student) (23754 Points)
Replied 28 February 2021

Deposit into account in parts of amount

Kapadia Pravin (17209 Points)
Replied 28 February 2021

Deposit comfortably in bank account. it's supported by withdrawals made earlier. so don't worry.

SUSHANT BIDAYE (503 Points)
Replied 28 February 2021

Yes. deposit without any fear.

but keep explanation ready for withdrawal &holding for some time if any query in future.

Practitising CA (57 Points)
Replied 01 March 2021

No need to woory as amount is not less than 10 lacs

anil jain (Partner) (964 Points)
Replied 02 March 2021

nice query by Pravin 87


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