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srikumar (audit staff)     19 September 2021

Cash deposit limit under income tax

sir, cash deposit limit in saving and current account how much sir,?

how much cash deposit in one transaction is safe ?


 7 Replies

Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     19 September 2021

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 .

Saurav Kumar

Saurav Kumar   20 September 2021

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.
srikumar

srikumar (audit staff)     20 September 2021

I ask cash deposit to bank sir, i need limit how much for sb and current account sir
Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     20 September 2021

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.

Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     20 September 2021

For any single transaction limit is Rs. 50,000/-

 

1 Like
srikumar

srikumar (audit staff)     21 September 2021

Saving account cash depsoit single transaction exceed 1 lakhs dept ask reason for such deposit and source of 1 lakhs, is it true ?
Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     21 September 2021

Yes, the query can be raised.


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