High value transactions as per IT

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ntc pioneer (Querist)
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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 ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

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