Amount keeping in sb account
This query is : Resolved
22 May 2016
How much amount can I keep in savings account. Should I need to pay tax if I keep 6lakh in SB account
22 May 2016
There is no restriction as to the maximum amount one can have in a saving bank account.
Saving bank Interest is also a taxable income and taxed as per your slab rate. from AY 2013-14 and onwards Under Section 80TTA is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.
Yes there can be stipulation as to the minimum amount which you are required to maintain in your saving account either on daily basis of on average basis. This varies from bank to bank.
A word of advice in case you happen to have such huge money please do not keep this in the saving bank account for even a single day even if you may need it within a week or so.
Please invest this money in liquid funds scheme of a good mutual fund house, you will be able to get returns more than interest on saving bank account.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Saving bank Interest is also a taxable income and taxed as per your slab rate. from AY 2013-14 and onwards Under Section 80TTA is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.
Yes there can be stipulation as to the minimum amount which you are required to maintain in your saving account either on daily basis of on average basis. This varies from bank to bank.
A word of advice in case you happen to have such huge money please do not keep this in the saving bank account for even a single day even if you may need it within a week or so.
Please invest this money in liquid funds scheme of a good mutual fund house, you will be able to get returns more than interest on saving bank account.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Message likes :
1 times
22 May 2016
actually I think my transaction limit of that account come up to 10lakh I think total ... deposit and withdrwal.. so I can't withdrw that one..
Message likes :
1 times
22 May 2016
as on phone you asked about compliance query, hopefully following article will helpful to you :
https://www.caclubindia.com/articles/understanding-of-compliance-query-of-income-tax-department-26620.asp
Note : click on my THANK USER not yours...:P
https://www.caclubindia.com/articles/understanding-of-compliance-query-of-income-tax-department-26620.asp
Note : click on my THANK USER not yours...:P
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Rental income gst and it purpose
- Management System (IMS)
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
