I want to know what is the maximum amount that can be withdrawn and deposited in the bank during a day or in one financial year incase of an individual so that it does not come under Income tax scrutiny.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