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Cash Deposit limit for Individuals

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43 Points Posted on 07 May 2021
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.
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On 07 May 2021 at 17:57 Report
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My grammar is 💯 good I
7301 Points Posted on 07 May 2021

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

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On 07 May 2021 at 18:05
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43 Points Posted on 07 May 2021
Basically, if I make small deposits of less than 50k each time.. and less than 10lac in total, then nothing to worry about.
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On 07 May 2021 at 18:07
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Practice
1361 Points Posted on 07 May 2021
Agreed
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On 07 May 2021 at 18:53
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Chartered Accountant
24588 Points Posted on 07 May 2021
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
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On 07 May 2021 at 19:05
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43 Points Posted on 07 May 2021
Thank you everyone. 10 lac is more than enough for me 😄
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On 07 May 2021 at 19:08
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Practising CA
8954 Points Posted on 08 May 2021
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.
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On 08 May 2021 at 00:41
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Chartered Accountant
24588 Points Posted on 09 May 2021
Your welcome
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On 09 May 2021 at 05:52


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