Cash withdrawal limit

At the time of you are submit personal return in income tax department alongwith sumarry of 10 lac???

what is the use, can you clarify with ITR???

my client is salaried person so all his income is already taxed, he needs it for a property transaction

YES, U CAN WITHDRAW ONE HAS TO EXPLAIN THE SOURCE OF INCOME ON DEPOSITS AND NOT ON WITHDRAWALS IN ITR RETURN.

Yes  you can withdraw if sorce of income is there.Banks reports will intimate all such transactions to IT .If They feel they can ask justification /Coorelate with your PAN No. and returns.

Raj kumar is right

AGREE WITH RAJ KUMAR

Rajkumar,

you  can see the deposits are already taxed . there is no need to deposts questioning.bank reports are only issue & ITO will question with returns doubts.

see there is no problem is withdrawing the cash from bank in while withdrwaing no tax provisions are applicable but the thing is dat how u r using dat cash fund at that tym  u need to be very careful . there are chances of voilations of many of Income tax provisions. thank you. 

nothing to do..for withdrawing cash........but only thing to kept in mind that if you had invested the money for some temproary purpose and earned some income...that should be reported and pay tax if any ....otherwise no need.....

DON'T GIVE UNNECESARY INFORMATION TO IT DEPARTMENT...IT WILL BE DANGEROUS TO US....

The first thing is that if the total of the deposit or withdrawl side of a saving account during the year exceeds Rs. 10 lacs, the information of ur account automatically reaches to the department through Annual information return.

So as long as ur sources justify the amount, their is no problem in withdrawing. bcoz in property transactions also such amts. are involved adn if both party agree to transact on cash basis, no law restricts... but u c these type of transactions do tickle the suspecious bone in A.O's and they go deep to clarify by serving notices.... . jst remain prepared for the clarifications, if at all put to ur client...!!!!!!!!!!

as per my knowledge, cash withdrawal mote then 10lacs in year form saving account is scrutiny criteria under CASS.. u need to make sure that fund is utilised in legal way so that u can give explanations at the time of reglar assessment..

Agreed with but if the source is salariy & already taxed .Nothing to worry

if you can give your explanation to IT department on reasonable ground then it is ok otherwise not suggested to withdrawal.