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Cash deposits transactions in sb and current account

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Kollipara Sundaraiah

B.com

3025 Points Posted on 03 January 2021

A individual person cash deposit and withdrawals transactions limit for sb and current bank account one finicial year.
26as show in Cash deposit limit transaction .

Replies (3)

Quick Summary

This discussion clarifies the transaction limits for cash deposits and withdrawals in both savings (SB) and current bank accounts over a financial year. It highlights potential scrutiny for deposits exceeding certain thresholds, particularly for individuals and senior citizens, depending on the source of funds. The information also covers annual withdrawal limits, TDS implications for exceeding these limits, and yearly reportable limits for both account types.

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 03 January 2021

There can be many scenarios that call for scrutiny. Some of the scenarios are mentioned below:

a. 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 scrutinised. 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.

You can withdraw maximum 1 crores rupees in a financial year otherwise in excess of such amount tds u/s 194N will be imposed @ 2% on such withdrawal

Balamurali Unnithan MS

STUDENT

1631 Points Posted on 03 January 2021

Yearly reportable limt

Savings account - 10 lakhs

Current Account - 50 lakhs

Cash Withdrawl Limit ,

1 Cr in the case for - file last 3 years return on the due date , 2% TDS applicable

20 Lakhs - non filing on the due date - 2% TDS