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Single time Cash withdrawal

10 June 2022

We have wedding at home and for which I need to withdraw cash from bank. I am willing to withdraw 15Lacs from an account and as most of the vendors accepting ammount in cash. So is it possible to withdraw this ammount.?

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17 Replies

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Kesavaraj S (578 Points)
Replied 10 June 2022

If you are filed ITR for the last 3 years You can withdraw cash from bank upto 1 crores without TDS U/s 194N otherwise TDS U/s 194N will be attracted above the threshold limit of Rs.20 lakhs.

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 10 June 2022

You can withdraw

2 Like

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 11 June 2022

If possible transfer it to 3 to 5 accounts and with draw 3 to 4 lacs from each account. This may minimise the possible risks

1 Like

sabyasachi mukherjee (27354 Points)
Replied 11 June 2022

15 lacs from a savings account is not possible.

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Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 11 June 2022

Can be possible

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 11 June 2022

Possiblle but properly required to be reported in income tax return.

2 Like

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 11 June 2022

Better to use multiple accounts

1 Like

Swapnil More (19 Points)
Replied 11 June 2022

I am regularly filling ITR since I have started working. all this ammount in my savings account is my savings from salary. Some people saying it's possible some are saying not possible so I am bit confused now

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 12 June 2022

You may withdraw it alternative days from same account or withdraw it on different days

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CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 12 June 2022

If you are salaried and filling IT return regularly then you need not to worry about any notice. It's fine enough to withdraw this amount.

2 Like

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 12 June 2022

@ Swapnil ,

How can you withdraw 15lacs in single time ?

Will any bank allow such withdrawal?

Swapnil More (19 Points)
Replied 12 June 2022

Thank you everyone for response. So I am withdrawing this amount in 3-4 intervals from different accounts (my account and my mother's account). Hope this is perfectly fine.

2 Like