Deposit of cash into saving bank a/c

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 October 2013 how much cash can be deposit into saving bank a/c in a year. so that income tax problem can not be arise.?

if cash is deposit in single person a/c but in diff. banks then is there any problem from income tax point of view.

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

14 October 2013 There is no limit. But as per banking practice and instructions from IT authorities you have to give PAN if you are depositing Rs.50000/- or more. Further, in case the cash deposit is Rs.10 Lac or more in a year, it is learnt that it is reported to government agencies in case of personal accounts.
There is no tax on depositing the cash but the interest earned on it is part of the income and is taxable as per current rules and regulations.

If your income not chargeable totax then you can file 15h/15g by which no TDS will be deducted..

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

14 October 2013 fully agreed with ARYAN ji
bank of baroda

Cash Deposit including at Base branch and Non base branch (local): Base branch i.e branch where customer is having account and Non - Base branch i.e branch other than base branch in the same centre

Up to Rs. 100000/- per day per account free of charge, thereafter chargeable.

2) Cash Deposit at Out-station Non-base branches

Up to Rs. 25000/- per day per account free of charge, thereafter chargeable

3) (i) Cash Withdrawal- at Base branch

Against Cheque - No limit
Against Withdrawal Slip - as per limit shown at point no.5 of this section

(ii) Cash Withdrawal at Non-base branches (Local & Outstation)

Against Cheque - to self only - per transaction up to Rs. 50000/-
Against withdrawal Slip - per transaction up to Rs. 25000/-

Cash payments to third parties is totally withdrawn at non-base branch

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