2. exceeding Rs. 1 crore. 2%. The applicability of new provision as per amendments in the Finance Act 2020. The cash withdrawal limit for this F/Y will be considered from 01.04.2020. Deductible: Tax is deductible at the time of payment of cash.
Answer (1 of 3): There are no such limits for normal accounts. Only thing is, in case of, cash transactions above Rs 10 lac, the same is reported as CTR. In case of specific accounts like Minor Savings, Jan Dhan, BSBDA, etc.,
There are certain limits that ATMs adhere to while dispensing cash to individuals. These limits are specific to banks and the different types of account they offer. For an example, the maximum cash withdrawal limit for the most basic account type for one bank could be Rs.25000 per day whereas another bank could offer a daily limit of Rs.40000 for its basic account.
The law was amended via Finance Act, 2020. Getty Images. Under Section 194-N, a bank, co-operative bank and post office is required to deduct TDS on amount of cash withdrawn if it exceeds the threshold amount i.e. Rs 20 lakh or Rs 1 crore, as the case maybe.
Good News is that there is no such provision in GST regarding cash transactions. Therefore under GST there is no any cash limit and no penalty will be levied on cash sale or purchase. However, the Income tax Act put restrictions on the cash transactions.
Answer (1 of 2): Minimum - The account holders cannot withdraw an amount less than Rs. 50/-. Maximum - There is no maximum ceiling for cash withdrawal. However, it is recommended to inform the bank branch in advance in case the amount is more than usual transaction amount.
New Delhi: Ban on cash transactions in excess of ₹ 2 lakh will not be applicable to withdrawals from banks and Post Office savings accounts, the Income Tax Department said on Wednesday.
Rs 2 lakh cash withdrawal limit not applicable to banks, post offices Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal ...