Dear Sir,
How much the cash withdrawal from bank in a day/year?
How much cash withdrawal from saving Account and current account
Best Regards
Anoop Jain
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Threshold limit for Cash withdrawal in 2020
Replies (1)
1. Cash deposits or cash withdrawals (including through bearer’s cheque) aggregating to fifty lakh rupees or more in a financial year, in or from one or more current account of a person, than that is reported by Bank to IT department.
2. TDS @ 2% is to be deduced if you are not filed tax return for three years and withdrawal of cash during the year exceeds Rs 20 lakhs but less than Rs 1 crore.
For withdrawal more than Rs 1 crore TDS @ 5%. Is required to be deducted.
if you alrey filed your last three years return, than TDS @ 2% is deduction on the withdrawal above 1 crore in year.
2. TDS @ 2% is to be deduced if you are not filed tax return for three years and withdrawal of cash during the year exceeds Rs 20 lakhs but less than Rs 1 crore.
For withdrawal more than Rs 1 crore TDS @ 5%. Is required to be deducted.
if you alrey filed your last three years return, than TDS @ 2% is deduction on the withdrawal above 1 crore in year.
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