Cash transaction charge

For savings accounts, customers can avail 5 free cash transactions per month or deposit or withdraw up to Rs 5 lakh in cash, whichever is earlier. After this, a charge of Rs 4 will be levied for every Rs 1,000 or part thereof, with a minimum charge of Rs 100 per transaction.

Penalty for not maintaining Average Monthly Balance (AMB)

Club, Delight, all NRI and resident savings scheme account holders will be required to maintain an AMB of Rs 5,000.

General customers will be charged Rs 75 for a reduction of up to 20% and a maximum of Rs 375 for a reduction of 100%.

This charge on senior citizens will be between Rs 60 and Rs 300.

For all accounts in rural branches, the charges will be slightly lower — general customers will pay Rs 60 – Rs 300, and senior citizens will pay Rs 50 – Rs 250.

ATM transaction charges

Transactions beyond the free limit at other bank ATMs will be charged Rs 23 for financial transactions and Rs 12 for non-financial transactions (like balance enquiry).

• A charge of Rs 25 per transaction will be levied for rejected transactions due to low balance.
• No charges will be levied at Federal Bank ATMs.
• Inward cheque return charges
• 400 rupees per time for rural areas and senior citizens,
• For other customers, a charge of Rs 500 per time has been fixed.

Locker Rent

Rural and Semi-Urban Branches

Small locker: Annual rent of Rs 2,000

Medium: Fare Rs 3,300

Big: Fare Rs 5,500

Urban and Metro branches

Small locker: Rent Rs 2,950 to Rs 5,000

Medium: Rs 3,950 to Rs 6,800

Big: Fares range from Rs 7,400 to Rs 12,800

Account closure charges

100 rupees if closed within 6 months

If closed between 6-12 months: Rs 100 for rural or senior citizen accounts, Rs 300 for other accounts. Also, there will be no charge if the account is closed within 14 days of the first deposit.

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If you are a taxpayer, then you should be careful about your financial transactions. In fact, any kind of mistake or small mistake can bring an income tax notice to your house. Let us tell you that the Income Tax Department keeps an eye on all your financial transactions. For this, many modern tools are also being used by the department. In such a situation, if the department sees a big difference between your income and expenditure in the transaction, then an income tax notice can come to your house.

The Income Tax Department keeps an eye not only on your digital transactions but also on cash transactions. In such a situation, if you transact in cash above a certain limit, then you may have to face an Income Tax notice. Apart from this, there are some transactions which, if done in cash, can also lead to you facing an Income Tax notice. Today we are going to tell you about such transactions.

Deposit in bank savings account

If you deposit cash of Rs 10 lakh or more in your savings account in a financial year, then you may have to answer to the Income Tax for this. You will have to tell the Income Tax the source of this cash.

Making FD with cash

If you make an FD of Rs 10 lakh or more in cash in a bank, then you may have to answer for it to the Income Tax.

Paying credit card bill with cash

If your credit card bill is Rs 1 lakh or more and you are repeatedly paying this bill in cash, then you may have to face an income tax notice.

Invest in cash in shares or mutual funds

Even if you invest more than Rs 10 lakh in cash in the stock market or mutual funds, you may still come under the radar of the Income Tax Department.

Payment for property

Even while buying property, you have to disclose the source of income if you make payment in cash. In urban areas, this limit is Rs 50 lakh. In rural areas, this limit is Rs 20 lakh, which means if you buy property worth more than this amount in cash, you will have to give its information to the Income Tax Department.

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The post Cash transactions: You may face trouble if you do such transactions in cash, know the details first appeared on Rightsofemployees.com.

Even today, cash is accepted in many places in India. Especially in real estate, business deals and social work, cash is used a lot. But if you cross some limits in cash transactions, you may have to lose everything.

Financial advisors and tax experts have warned via social media that large cash transactions can lead to harsh penalties under Indian tax laws. A recently viral post shows how easy it is to break the rules and the consequences can be brutal.

100% penalty can be levied

In a post on X (formerly Twitter), CA Nitin Kaushik wrote, ‘If you accept more than ₹ 2 lakh in cash, you can lose everything! Do you think you can get away with it by making payments through different modes? Then think again! Under Section 269ST of the Income Tax Act, accepting ₹ 2 lakh or more in cash, even if in installments, can attract a penalty of 100 percent. This means that you can lose everything you have received.’

The post New Rules For Cash Limit: Cash transactions may attract up to 100% penalty by IT Department first appeared on Rightsofemployees.com.

The board said that this investigation should be done without unnecessary interference. The CBDT has also asked the tax department to make concerted efforts to recover outstanding demands, which have seen a sharp increase since the last financial year. In this regard, the board has recently released the Central Action Plan (CAP) 2024-25.

It is mandatory to report cash transactions of more than Rs 2 lakh

Senior officials told PTI that cash transactions of more than Rs 2 lakh by financial institutions were required to be disclosed through the Statement of Financial Transaction (SFT), but this was not being done.

Also Read: Ayushman Bharat: Union Health Ministry Proposed to double the Insurance Cover to Rs 10 Lakh and up to Rs 15 lakh for Women

The board has told the Income Tax Department that on investigating such reports, it was found that these provisions are being violated widely. It further said that it is necessary to verify high value consumption expenditure with information about taxpayers.

Violating the rules here

In this regard, the department has identified hotels, banquet halls, luxury brand retailers, IVF clinics, hospitals, designer clothing shops and NRI quota medical college seats, where these rules are not being followed and huge cash transactions are taking place.

CBDT directed the tax department that such sources have to be identified and verification can be done by seeking information in a non-intrusive manner.

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The post CBDT: Govt is Keeping an Eye on Cash Transactions of More than This Amount, CBDT gave Special Instructions to the Tax Department first appeared on Rightsofemployees.com.