16 August 2013
As per Ganesh Babu K. Expert of your club says if we deposit or withdraw an amount more than 10 lakhs in single day, same will be reported to Income Tax Department. And As per Siddharth Bhardwaj, Expert of your club says only cash deposit, reported to Income Tax Department not for withdrawl.
Know my question is that how much much can we withdraw from bank in a single day and same not asked by Income Tax Department. Please advise.
17 August 2013
I agree with the views of mr sampat. And regarding that limit of 10 lakhs, whatever you are saying is wrong. Actually, when an account holder deposits in his saving account, in a single financial year, an amount equalent to 10 lakhs, or more, his details are forwarded to department by the bank through an annual information return (AIR).
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