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
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.
CAclubindia
