Cash deposit limit in sb and current bank account

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This query is : Resolved

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This discussion clarifies cash deposit limits for business bank accounts, considering GST registration and IT return filings. For individuals without GST/IT filings, specific limits aren't explicitly stated but deposits over 10 lakhs are reported in 26AS and should align with declared turnover. For those with GST/IT filings, while there's no strict limit mentioned, deposits must be proportionate to reported turnover in IT and GST returns.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

23 January 2021 Sir,
1.Any gst registration and I.t. return not filed business person cash amount deposits limit in sb and current bank account one finicial year under gst and I.t. act.
2.if a person gst registration and I.t. return filed assess cash deposit limit in bank sb and current account one finicial year under gst and I.t. act.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

23 January 2021 1. 1000000 in saving and 4000000 in current 2. No limit

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

24 January 2021 Cash deposits in excess of 10 lacs reported in 26AS. Such deposits should be commensurate with the turnover reported in IT and GST returns.

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