Mr. Arora made the following cash withdrawals during the P.Y.2023-24 - Date Amount From 1.6.2023 70 lakhs Canara Bank 1.8.2023 50 lakhs Canara Bank…
CA Intermediate · Taxation · MTP · January 2025
Mr. Arora made the following cash withdrawals during the P.Y.2023-24 - Date Amount From 1.6.2023 70 lakhs Canara Bank 1.8.2023 50 lakhs Canara Bank 1.10.2023 60 lakhs Repco Bank (Co-operative Bank) 1.11.2023 10 lakhs SBI 1.12.2023 10 lakhs Repco Bank (Co-operative Bank) 20.1.2024 20 lakhs Repco Bank (Co-operative Bank) 1.2.2024 15 lakhs Repco Bank (Co-operative Bank) 10.2.2024 75 lakhs SBI 1.3.2024 15 lakhs SBI Which of the above banks are required to deduct tax at source on cash withdrawals made by Mr. Arora in the P.Y.2023-24 if he regularly files his return of income?
Suggested Answer and Working Notes:
Correct Answer: Option (C)
Repco & Canara Bank
Topics: Paper 3A: Income Tax Laws
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