Cash deposit limit in bank account in a year as per income tax

Cash deposit limit in bank account in a year as per income tax

Cash deposit limit in bank account in a year as per income tax​

Cash deposit limit in bank account in a year as per income tax

I this article we have discussed Cash deposit limit in bank account in a year as per income tax.The Cash Deposit limit as per income tax in a year in Savings Account for an Individual is Rs 10 lakh. The Income Tax Department may send income tax notice if a savings account holder deposits more than Rs 10 lakh in one’s savings account. Similarly, for Current Account Holders, the limit is Rs 50 lakh and on violation of this limit may also liable for Income Tax Notice.

Cash deposit limit in bank account in a year as per income tax

  •  

Owner of this information can be
reached at K M GATECHA & CO LLP – CA in Ahmedabad.

 

Important note: This does not lead to legal advice or
legal opinion and is personal view and for information purpose only. It is
prepared on  the basis of facts available and applicable law.It is
suggested to go through applicable provisions of law,latest
regulations,judicial announcements, circulars, notifications and
clarifications  etc before taking any action based on above content.You
agree here by that for any action taken on basis of above information in any
manner writer or K M GATECHA & CO LLP is not responsible
or liable for  any omission,reliability,accuracy,completeness,errors or
authenticity.This work by professional is just for knowledge purpose and does
not constitute any kind of  solicitation of work
or advertisement

Leave a Reply