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 .
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Cash deposits transactions in sb and current account
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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
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
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
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
What about daily cash deposit limit in current account?
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