Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the Income-Tax department annouced.
In a clarification on the newly inserted Section 269ST in the I-T Act, the Central Board of Direct Taxes (CBDT) abort the restriction to withdrawal from banks and post offices. Restriction is also not applicable to any receipt by government, banking company, post office savings bank or co-operative bank respectively.
Takeaways from above News-
- Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts
- In the 2017-18 Budget, Finance Minister Arun Jaitley had proposed to ban cash transaction of over Rs 3 lakh which was lowered to Rs 2 lakh.
If you have any other takeaways, do share with us in the comment section
Source- The Economic Times