Cash deposit limit
Ankita (Accountant) (29 Points)
24 April 2017
Hi, can any one let me the limit for cash deposit in current account by self
Anumanchipalli Sathikonda
(Tax Consultant)
(1349 Points)
Replied 24 April 2017
Ms.Anikita
One can deposit any sum of money into his/her bank account. The provisions of Section 269ST are not applicable to Banking Companies.
The source of cash receipt by the depositor is to be explained to the Income-tax Department if questioned.
If the cash receipt is fallen within the ambit of section 269ST the depositor is liable to pay penalty u/s 271DA.
You are aware the amount of penalty is equal to the receipt of cash.
Best Wishes
SathikondaA
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