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Home FINANCE Why can’t you deposit more than Rs 10 lakh in your savings...
  • FINANCE

Why can’t you deposit more than Rs 10 lakh in your savings account in a year?

By
Jyoti
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December 18, 2024
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    Cash Deposit Limit! Income tax notice can be received on depositing how much cash in the bank account, check details
    Cash Deposit Limit! Income tax notice can be received on depositing how much cash in the bank account, check details
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    Do you also have a savings account? If yes, then this news is only for you. If you are depositing or withdrawing cash from your savings account, then you have to keep in mind the rules of the Income Tax Department. You cannot deposit more than a certain limit in your savings account.

    According to financial experts, the total amount of cash deposited or withdrawn from a savings account in a financial year (April 1 to March 31) should not exceed ₹ 10 lakh. If this limit is exceeded, the bank will have to report this transaction to the Income Tax Department. Apart from this, under Section 269ST of the Income Tax Act, it is prohibited to receive cash of ₹ 2 lakh or more from any person in a day.

    Informing the bank is mandatory

    If cash deposits of ₹50,000 or more are made in a savings account in a single day, then PAN card details must be provided. If you do not have PAN, you will have to submit Form 60 or 61. According to Abhishek Soni, CEO and co-founder of Tax2Win, “Cash deposits of more than ₹10 lakh are classified as high-value transactions. The bank or financial institution has to report this transaction to the Income Tax Department under section “Payments made under section 114B”.

    What to do with an income tax notice?

    If you receive a notice from the income tax department for a high-value cash transaction, you should have sufficient documentation to support the source of the funds. This may include bank statements, investment records, or inheritance documents. Experts suggest that if you have any doubts about reporting a transaction, it is better to consult an experienced tax advisor.

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      Jyoti
      Jyoti
      Jyoti , has 2 years of experience in writing Finance Content, Entertainment news, Cricket and more. She has done BA in English. She loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @rightsofemployeescom@gmail.com

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