Celebrate Freedom with 10% OFF on CAclubindia Pro Membership. Subscribe Now!

Cash deposits in to bank vs maximum limit

369 views

Save Share

LAKSHMI KANTH

TAX CONSULTANT

449 Points Posted on 29 August 2020

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

There's no specific maximum limit for daily or annual cash deposits into a bank account in the UK. However, banks are required to report certain transactions to the government. These include cash deposits exceeding £10,000 (unless it's a current or time deposit account) and total cash deposits or withdrawals of over £50,000 from a current account. While there's no limit on the amount you can deposit, these reporting thresholds are important to be aware of.

sabyasachi mukherjee

Profession

28261 Points Posted on 29 August 2020

Sec194 N is for WITHDRAWAL .

Sec 269 S IS FOR DEPOSITION.

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 30 August 2020

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.