Whether withdrawing of Rs 2 lac or above from saving or current Bank account will attract section 269ST? That is whether 100% penalty for will be levied or not for accepting Rs 2 lac or above in cash during the year?

This query is : Resolved

praveen kumar (Querist)
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04 April 2017 Whether withdrawing of Rs 2 lac or above from saving or current Bank account will attract section 269ST? That is whether 100% penalty for will be levied or not for accepting Rs 2 lac or above in cash during the year?

CA Gopal Somani

CA Gopal Somani (Expert)
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05 April 2017 Currently it is debatable, Lots of confusion. Many CA's are having view that Cash withdrawal from bank is included in 269ST and some believes otherwise. A clarification has been asked from FM. Until we get the clarification its better not to withdraw 200000 in a single day from a bank account.

CA Gopal Somani

CA Gopal Somani (Expert)
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05 April 2017 A press release has been issued. Cash withdrawal from bank is not included under 269ST
Below is the link
http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/610/Press-Release-on-promoting-Digital-Economy-5-4-2017.pdf

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