sir, cash deposit limit in saving and current account how much sir,?
how much cash deposit in one transaction is safe ?
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Cash deposit limit under income tax
Replies (7)
Quick Summary
Banks have to report cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account/s of a person.
Banks/Post offices also have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more accounts (other than Current Account / Time Deposit) of a person.
Banks/Post offices additionally have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more Time Deposit accounts of a person .
May it apply in the cases related to sections 269SS, 269ST and other where a person takes or accepts any cash deposit /money borrowed /debt incurred/a specified sum above specific limits under above mentioned sections.
I ask cash deposit to bank sir, i need limit how much for sb and current account sir
I have stated the limits as per the reporting of the financial institutes to ITD,; otherwise there is no limit for deposits to any account.
For any single transaction limit is Rs. 50,000/-
Saving account cash depsoit single transaction exceed 1 lakhs dept ask reason for such deposit and source of 1 lakhs, is it true ?
Yes, the query can be raised.
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