Regarding cash transaction limit per year

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 November 2015 Sir, if anyone transacted 700000/- ( deposit and withdrawal ) in savings account from 1st april. Now how to avoid Income tax and how much the limit per year.

20 November 2015 There no limit as such, but banks will give ur information to income tax departments if you have deposited more than 10 lac in cash in saving bank accounts.

For any query feel free to contact me @ +91 94283 19758

CA Ankur Mehta
Jai Jinendra

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 November 2015 dear Sir, is it 10 lacs in a financial year?

20 November 2015 Yes its 10 lacs per year.


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