chandra sekar (Manager-Accounts) (387 Points)
20 November 2018We are withdrawng cash from our OCC A/c, regularly , during the FY, and withdrawls are more than 2 lakhs most of the time. Even we converted most of the payments thro bank, will it be an issue after filing IT returns. We are also, reguarly paying advance on time and fiing returns on time. Ours is a cloth manufacturing company. Please advise nd give guide lines
Hemanth
(Student LLB)
(45 Points)
Replied 20 November 2018
There is no bar on withdrawing cash from bank account in excess of the limit of Rs. 200000.00, CBDT issued a clarification in this matter.
Sarath Rajendran
(Nil)
(2791 Points)
Replied 20 November 2018
Cash payments and receipts above 200000 (Sec.269 ST) is not applicable for bank withdrawal
chandra sekar
(Manager-Accounts)
(387 Points)
Replied 20 November 2018
Thanks for reply. Since the limit for cash payments restricted to 10000/- in day, will these cash withdrawls accumulated without booking sufficient expenses during a FY, won`t be a problem for an assessee, who is under 44
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