Regarding savings account deposit in a financial year

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This discussion clarifies whether total savings account deposits, including both online payments and cash, are reported to the ITD as a Single Financial Transaction (SFT). The consensus is that only cash deposits are considered for SFT reporting, not online transactions. Therefore, if cash deposits are below the £10 lakh threshold, even with significant online payments, it won't trigger an SFT report.

Amitabha Das

Amitabha Das (Querist)
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09 August 2024 Sir if any professional take his/her fees aprx 4Lacs through phonepe or/googlepay etc(i.e online mode) and also Rs 7Lacs by cash and then the cash is deposited in savings account in a financial year,then total deposit is 4L+7L=11Lacs in a financial year.Will it be reported to ITD as SFT as more than 10Lacs in a year?Please clarify sir🙏🙏🙏.Thanks in advance