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Cash deposits in bank
How much amount of money can be deposited in Bank per transaction
Replies (4)
There is no limit to deposit through cheque in bank account
No I am asking about limit which income tax department questions if the transaction of cash deposited
Cash deposited from earlier income or savings
- Individuals who deposit cash above Rs.2.5 lakh and senior citizens who deposit cash above Rs.5 lakh may be scrutinized. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.
- Bank accounts that are suspected of being misused for money laundering or tax evasion or entry operations in shell companies will be completely investigated.
You can deposit any amount but beyond a limit it is reported under SFT.
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