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Cash deposits in to bank vs maximum limit
Sir, for depositing cash in to the bank, any maximum limit on per day basis and per annum basis as it was there in the case of cash withdrawals u/s.194N, under Income Tax Act.
Replies (3)
Quick Summary
Sec194 N is for WITHDRAWAL .
Sec 269 S IS FOR DEPOSITION.
Sec 269 S IS FOR DEPOSITION.
For, Cash Deposit there is no such limit.
but 1. Cash deposits more than 10 lakhs (other than a current account and time deposit) and
2.Cash deposits or cash withdrawals more than 50 lakh from current account of a person is reported to Goverment by bank.
but 1. Cash deposits more than 10 lakhs (other than a current account and time deposit) and
2.Cash deposits or cash withdrawals more than 50 lakh from current account of a person is reported to Goverment by bank.
There is no limit for cash withdrawals and cash deposits in a bank account . but tds provision and reporting are applicable
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