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Single time Cash withdrawal
We have wedding at home and for which I need to withdraw cash from bank. I am willing to withdraw 15Lacs from an account and as most of the vendors accepting ammount in cash. So is it possible to withdraw this ammount.?
Replies (17)
Quick Summary
Congratulations
If you are filed ITR for the last 3 years You can withdraw cash from bank upto 1 crores without TDS U/s 194N otherwise TDS U/s 194N will be attracted above the threshold limit of Rs.20 lakhs.
You can withdraw
If possible transfer it to 3 to 5 accounts and with draw 3 to 4 lacs from each account. This may minimise the possible risks
15 lacs from a savings account is not possible.
Can be possible
Possiblle but properly required to be reported in income tax return.
Better to use multiple accounts
I am regularly filling ITR since I have started working. all this ammount in my savings account is my savings from salary. Some people saying it's possible some are saying not possible so I am bit confused now
You may withdraw it alternative days from same account or withdraw it on different days
If you are salaried and filling IT return regularly then you need not to worry about any notice. It's fine enough to withdraw this amount.
@ Swapnil ,
How can you withdraw 15lacs in single time ?
Will any bank allow such withdrawal?
How can you withdraw 15lacs in single time ?
Will any bank allow such withdrawal?
Thank you everyone for response. So I am withdrawing this amount in 3-4 intervals from different accounts (my account and my mother's account). Hope this is perfectly fine.
This is, you can do so.
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