News India Live, Digital Desk: The government and Income Tax Department have made some rules regarding cash deposits and withdrawal in the bank account, which is necessary to know. If you do not follow these rules, you can get notice from the Income Tax Department. The Income Tax Department not only monitors your income, but also the cash transactions in the bank account. If you deposit or withdraw more amount than the fixed limit, then the Income Tax Department immediately takes information from the bank.
What is the limit of cash deposit?
According to the rules of the Reserve Bank (RBI), you can deposit up to a maximum of Rs 10 lakh in your savings account in a financial year. If someone deposits more than this limit, the bank immediately sends the information to the Income Tax Department. After this, the department can ask the account holder about the source of source of money.
What will happen if the source is not being told?
If the account holder is unable to clear the source of income, then the Income Tax Department on this amount:
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60% tax
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25% surcharge
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4% cess
Can apply This is how the total tax rate 89.59% Reaches
What is the limit of daily transactions?
You can maximum through cash transactions in a day Up to 2 lakh rupees You can withdraw or deposit the amount of only. This range also includes withdrawing cash from the bank, transfer of cash from one account to another, and payment in cash.
PAN card mandatory on deposit
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In a day in the bank Up to Rs 50,000 PAN card is not required when deposited.
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More than Rs 50,000 It is mandatory to give PAN card on deposit.
Main things related to cash deposits briefly:
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In one day 2 lakh rupees or more Income Tax Act on depositing Section 269ST Under 100 percent penalty May seem.
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In one year savings account Maximum Rs 10 lakh Cash can be deposited.
Therefore, all account holders are advised to take care of the rules while depositing the amount in the bank account, so that any legal action or notice can be avoided.
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