Section 231A Cash Withdrawal from a Bank

Section 231A Cash Withdrawal from a Bank

Every banking company shall deduct tax at the rate specified below if the payment for cash withdrawal, or the sum total of the payments for cash withdrawal in a day, exceeds fifty thousand rupees.

Explanation.- For removal of doubt, it is clarified that the said fifty thousand rupees shall be aggregate withdrawals from all the bank accounts in a single day.

The Rate of tax to be deducted under section 231A shall be 0.3% of the cash amount withdrawn for filers and 0.6% of the cash amount withdrawn, for non filers.

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