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Cash withdrawals

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26 September 2024 I am working in a partnership firm. The firm partners draw cash from bank for their personal use lakh together. For example 25 lakh etc. How to account it. Is it correct to withdraw cash from the bank for their personal use. Please explain.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
26 September 2024 As per sec. 269ST cash withdrawal by partners from firm, of Rs. 2 lakhs or more is not allowed.

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