cash deposit in od account exceed 10 lakhs. during FY. whether bank submit SFT to income tax department.
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Quick Summary
This discussion clarifies whether cash deposits into an Overdraft (OD) account exceeding £10 lakh in a financial year trigger SFT reporting to the income tax department. Unlike savings accounts, the threshold for SFT reporting on current accounts, including OD accounts, is £50 lakh or more. If your deposits are genuine, you have no cause for concern regarding this reporting requirement.
Cash payment exceeding Rs 10 lakh for purchasing any prepaid RBI instruments like RBI bonds, etc. Deposits or withdrawals amounting to Rs 50 lakh or more from any number of current accounts of a person with the bank.