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Cash Deposit limit for Individuals
What is the cash deposit limit in a financial year for a saving bank account of an individual, above which the IT Department may issue a notice to the individual? Kindly someone elaborate. Thanks in advance.
Replies (7)
Since there is a system of Annual Information Return being filed by banks, your cash deposit exceeding Rs. 10 Lakhs in a Savings account / exceeding Rs. 50000/- per transaction will be reported to Income tax department through AIR.
Source: taxfull.com
Basically, if I make small deposits of less than 50k each time.. and less than 10lac in total, then nothing to worry about.
Agreed
Thus, as cash deposits and withdrawals of Rs 10 lakh or more in a bank account in a financial year are required to be reported to the tax authorities, you need to be careful if you are exceeding the prescribed threshold. This limit is Rs 50 lakh and more in case of current accounts
Thank you everyone. 10 lac is more than enough for me 😄
Deposit of Rs. 50000 per transaction requires quoting of PAN with Bank only if it is not available with them. Otherwise there is no per transaction limit.
Your welcome
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