Limit of cash deposit in different bank account
This query is : Resolved
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?
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?
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.
Intimations will be sent to income tax authorities for cash deposit in excess of 2.50 lacs.
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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?
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?
10 November 2016
All the deposits in different banks relating to single PAN will be clubbed.
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10 November 2016
thank u..
now it is very clear.
now it is very clear.
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