Respected sir, Is there any limits on savings bank account balance? what if total receipts per the PY exeeds Rs.2,50,000/- Is there any tax implications on money receipts in Savings Bank account? pls clarify sir , Thanking you.
No such limit , but there are rules of taxation in respect of interest earned on s/b a/c. (section 80 TTA/TTB ) receipts in the nature of income if exceeds maximum amount which is not chargeable to tax , you will be liable to file ITR and offer such income for taxation.