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Cash deposits in bank

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Gajjala Dhanunjaya Reddy

13 Points Posted on 08 March 2021

How much amount of money can be deposited in Bank per transaction

Replies (4)

Quick Summary

Depositing cash into your bank account is generally unlimited, but the Income Tax department may scrutinise large cash deposits. Individuals depositing over £2.5 lakh and senior citizens over £5 lakh may face scrutiny, unless the funds are clearly from legitimate household savings or previous income. Banks also report large transactions under the SFT, and accounts suspected of money laundering or tax evasion will be thoroughly investigated.

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 08 March 2021

There is no limit to deposit through cheque in bank account

Gajjala Dhanunjaya Reddy

13 Points Posted on 08 March 2021

No I am asking about limit which income tax department questions if the transaction of cash deposited

siva andhavarapu

ca final

388 Points Posted on 08 March 2021

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.