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Income Tax Related

27 August 2020

How much amount is deposited in a Financial year (2020-21) in a current account.. without attracting provision of Income Tax..
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CA Sunil Kumar (Chartered Accountant) (4514 Points)
Replied 27 August 2020

The limit is Rs 1 crore in a financial year. but This limit of Rs 1 crore in a financial year is with respect to per bank or post office account and not a taxpayer’s individual account. For example, a person having three bank accounts with three different banks, he can withdraw cash of Rs 1 crore * 3 = Rs 3 crores without any TDS u/s 194N.