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Cash Deposit limit for Individuals

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43 Points Joined October 2020
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 Joined March 2019

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 Joined October 2020
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 Joined June 2019
Agreed
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On 07 May 2021 at 18:53
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Chartered Accountant
24588 Points Joined November 2019
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 Joined October 2020
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 Joined December 2013
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 Joined November 2019
Your welcome
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On 09 May 2021 at 05:52

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