Limit of cash deposit in different bank account

This query is : Resolved

Swarup Datta (Querist)
Follow

10 November 2016 Sir,
I have approx Rs 5 lac in 500 & 1000 currency note which was kept for emergency requirement. Can i deposit it into one bank account?
Also I have 4 nos of bank account in different bank like ICICI Bank, HDFC Bank, SBI, etc.; (all have same PAN and KYC document)
Can i deposit the same in my 4 different bank account?
Is there any taxation problem will arise?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

10 November 2016 Depositing 5 lacs in a bank ac you have to prove the source of income before tax authorities when asked for.
Intimations will be sent to income tax authorities for cash deposit in excess of 2.50 lacs.

Message likes : 1 times

Swarup Datta

Swarup Datta (Querist)
Follow

10 November 2016 Thank you for this information.
But it is not clear to me that, is there required any intimation to be sent to income tax authority if i divided the amount by 1.5 lakh, 1.5 lakh and 2 lakh for depositing my different account?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

10 November 2016 All the deposits in different banks relating to single PAN will be clubbed.

Message likes : 1 times

Swarup Datta

Swarup Datta (Querist)
Follow

10 November 2016 thank u..
now it is very clear.

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

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

GOVIND VAJIRAJ DESAI

Ramulu Thakkalapally

RAVINDRA JOSHI

cgagroshg cgagroshg

velichety.l.narasimharao

Subscribe Now

Limit of cash deposit in different bank account

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANCY

Accountant

CA Final

GST CONSULTANT