High value transactions as per IT
This query is : Resolved
ntc pioneer
(Querist)
14 December 2023
What is the limit for cash withdrawl/deposit in a financial year in respect of
Savings bank
Currwnt account
Also, whether renewal of a matured fd ,say of 11 lakhs(principal plus interest) is considered for calculating such deposit limit ?
Savings bank
Currwnt account
Also, whether renewal of a matured fd ,say of 11 lakhs(principal plus interest) is considered for calculating such deposit limit ?
CA R SEETHARAMAN
(Expert)
15 December 2023
Savings bank.
Cash deposit 10 lacs and above reported.
Cash withdrawal limit 1 crore,
TCS applicable for withdrawal above.
Current account.
Business cash deposit allowed no limit.
Cash withdrawal limit 1 crore, TCS applicable for more than 1 crore.
Limit not applicable for renewal of FD.
Cash deposit 10 lacs and above reported.
Cash withdrawal limit 1 crore,
TCS applicable for withdrawal above.
Current account.
Business cash deposit allowed no limit.
Cash withdrawal limit 1 crore, TCS applicable for more than 1 crore.
Limit not applicable for renewal of FD.
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