Single time Cash withdrawal

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19 Points Posted on 10 June 2022
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.?
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On 10 June 2022 at 17:53 Report
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Quick Summary
This discussion addresses the possibility of withdrawing a large sum of cash, specifically 15 Lakhs, for a wedding. Participants confirm that it's generally possible, especially if you regularly file Income Tax Returns (ITR). While there are TDS implications (Section 194N) for withdrawals above certain thresholds (Rs. 20 lakhs for regular ITR filers), withdrawing 15 Lakhs is usually manageable. Suggestions include spreading the withdrawal over several days or using multiple accounts to avoid potential issues and ensure smooth transactions.

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Congratulations
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On 10 June 2022 at 20:41
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582 Points Posted on 10 June 2022
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.
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On 10 June 2022 at 20:56
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Chartered Accountant
86505 Points Posted on 10 June 2022
You can withdraw
2 Reply
On 10 June 2022 at 23:04
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CFO- at NHTF
58280 Points Posted on 11 June 2022
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
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On 11 June 2022 at 08:03
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Profession Business
28246 Points Posted on 11 June 2022
15 lacs from a savings account is not possible.
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On 11 June 2022 at 08:27
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CFO- at NHTF
58280 Points Posted on 11 June 2022
Can be possible
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On 11 June 2022 at 08:29
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Chartered Accountant
86505 Points Posted on 11 June 2022

Possiblle but properly required to be reported in income tax return. 

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On 11 June 2022 at 18:00
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CFO- at NHTF
58280 Points Posted on 11 June 2022
Better to use multiple accounts
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On 11 June 2022 at 19:24
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19 Points Posted on 11 June 2022
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
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On 11 June 2022 at 23:35
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CFO- at NHTF
58280 Points Posted on 12 June 2022
You may withdraw it alternative days from same account or withdraw it on different days
1 Reply
On 12 June 2022 at 09:40
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Chartered Accountant
86505 Points Posted on 12 June 2022
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.
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On 12 June 2022 at 12:38
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CFO- at NHTF
58280 Points Posted on 12 June 2022
@ Swapnil ,

How can you withdraw 15lacs in single time ?

Will any bank allow such withdrawal?
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On 12 June 2022 at 14:37
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19 Points Posted on 12 June 2022
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.
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On 12 June 2022 at 21:06
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Chartered Accountant
86505 Points Posted on 13 June 2022
This is, you can do so.
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On 13 June 2022 at 18:04

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