Cash withdrawal from bank

ITR 277 views 5 replies

Professional

1 Points Joined February 2021

I am salaried class person, I have withdrawn 8 lakhs from my saving account, (I have filled ITR for last 3 years.)

now I hold this cash with me without any transaction.

what should I do, as I can not deposit it back due to cash deposit limit ?

How can I ensure no income tax issue on this.

Replies (5)

Chartered Accountant

24588 Points Joined November 2019

Deposit into account in parts of amount

17264 Points Joined December 2018

Deposit comfortably in bank account. it's supported by withdrawals made earlier. so don't worry.

710 Points Joined May 2017

Yes. deposit without any fear.

but keep explanation ready for withdrawal &holding for some time if any query in future.

57 Points Joined February 2021

No need to woory as amount is not less than 10 lacs

Partner

1072 Points Joined December 2009

nice query by Pravin 87

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