Cash withdrawal and IT notice
2 years ago
Does withdrawing large sum of cash from savings account attracts notice from IT department? I had to withdraw 15 lacs cash from my account recently ( withdrew in pieces of 9 lacs and 6 lacs in two consecutive days) . Should I be ready for a notice ? Kindly help me out
Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hello
Generally they don't serve you notice for withdrawing money from your saving account. The bank could through a call ask you thr reason to withdraw such large ammount of money, so give them a valid explanation. Also in mostly cases they serve notice when you deposit large amount of money.
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Generally they don't serve you notice for withdrawing money from your saving account. The bank could through a call ask you thr reason to withdraw such large ammount of money, so give them a valid explanation. Also in mostly cases they serve notice when you deposit large amount of money.
Thanks
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A.Hello
Withdrawing large sum of cash doesn't necessarily attracts a notice from IT department. Generally a notice is served from IT department when you deposit large sum of cash in your account.
Thanks.
Withdrawing large sum of cash doesn't necessarily attracts a notice from IT department. Generally a notice is served from IT department when you deposit large sum of cash in your account.
Thanks.
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A.Not necessary and it depends on the bank and the bank the IT department. If you are running a company and say that you withdrew the money for labour payment then bank might report it as such and the IT will not send the scrutiny letter to you otherwise they may.
Since there are many bigger works to IT so it all depends on the discretion of the authorities to send a letter to you or not. But in case they do send then you just need to clarify why did you withdraw that's all.
Since there are many bigger works to IT so it all depends on the discretion of the authorities to send a letter to you or not. But in case they do send then you just need to clarify why did you withdraw that's all.
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