Budget Books
imarticus

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Cash deposit and withdrawal limit

This query is : Resolved 

02 December 2022 Dear Sir,

I want to know what is the maximum amount that can be withdrawn and deposited in the bank during a day or in one financial year incase of an individual so that it does not come under Income tax scrutiny.

Also what is the limit incase of Pvt Ltd company.

Please advise.

Regards,
Divyesh Jain


02 December 2022 The limit is based on transactions in accounts, not by individual or company..
By filing form 61A, a statement of financial transactions, banks have to report the cash deposits/withdrawal transactions on daily and yearly basis. (known as High Value Transactions).
1. Any transaction exceeding ₹10 lakh in a savings bank account and ₹50 lakh in a current bank account in a financial year .
2. Cash deposits in FD bank account exceeding ₹10 lakh need to be notified.
3. Cash deposits of Rs. 50,000/- or more in any savings account per day.
4. Sale of foreign currency amounting to ₹10 lakh or more in a financial year.
5. Cash payment for the purchase of POs (Pay orders) / DDs (Demand drafts) for amounts annually totaling Rs 10 lakh or more.
etc... etc...

03 December 2022 Ok Sir, Thanks for your reply..

03 December 2022 You are welcome ..



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


IIM Indor
Zoho
caclubindia books


Answer Query