News India Live, Digital Desk: Income Tax Rule: In today’s era, almost every person has a savings account, which is used to transfer money through mediums like online banking and UPI. Saving account is also a good medium to secure money as well as earning interest. But do you know how much maximum amount can you deposit in the savings account and what are the tax rules on it?
How much amount can be deposited?
There is no maximum limit to the amount to be deposited in the savings account. You can deposit as much amount as you want to your savings account. But on depositing more than a limit, you have to take care of tax rules.
What do tax rules say?
If you deposit Rs 10 lakh or more in your savings account during one year, then you will have to inform the Income Tax Department. This is necessary because your income comes under tax when such an amount is deposited.
What to do while filing ITR?
While filing the Income Tax Return (ITR), you have to give complete information about the amount deposited in the savings account and the interest received on it. Interest from savings account is added to your total income. For example, if you get an interest of Rs 10 lakh in a year in a savings account, it will be considered your total income, which will be taxed.
Take care on depositing more amount
The Income Tax Department can be investigated on depositing Rs 10 lakh or more. If you do not give information to the Income Tax Department, then it can come under the scope of tax evasion. Therefore, maintain transparency while depositing large amounts and follow tax rules.
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