Drawings by way of cash, any limits as per IT act.
Sec 194N with effect from 01-09 2019 - The limit of Rs 1 crore has to be seen for cash withdrawals made from all branches of a bank @ 2%. If income tax return defaulted for preceding three previous years TDS is 2% on the cash payments/withdrawals of more than Rs 20 lakh and up to Rs 1 crore, and 5% for withdrawal exceeding Rs 1 crore. (Amendment w.e.f 01.07.2020)
Mam ;Thank you for the replay, but doubt is any sections such as 269ST applies?
Sec 269ST talks about receiving of money from others... your query was about drawing cash, hence S 194N applies
And Section 194 N talks about cash withdrawal from banks. Did I say about cash withdrawal from the business?
Please give your query clearly