Sir, can i deposit 3lakh on current account?

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Sir, Can i deposit 3lakh on current account.
Replies (11)

Why not, if it is accountable!!

sir,

As   cash deposit  is restricted from 3lakh.

There is no restriction on cash deposits or withdrawals from own bank accounts.

sir how much cash amount can be deposited in current account in one year.

There is no restriction of any cash deposits in current or even savings accounts; but any cash deposited of 50K or above on single day is reported to ITD. Even aggregate of transactions above 50 lakhs in a year in any current account is again reported by bank. So, if it is your genuine trasaction as per cash flow (i.e. explainable as per sell/purchase etc.), no need to worry for any limit.

There is restriction to receive cash amount of 2 lakhs or more from any single person per day/occassion. But there is no restriction on cash deposits to bank account.

Sir, i have found in one articel that cash deposit 12 lac in current a/c and 8lac in saving a/c in per year. Above this income tax notice is received.

The article is for information purpose. But all those who are depositing cash above 12 lakhs in a year in current accounts DO NO GET INCOME TAX NOTICE. Depends upon business criteria, total turnover declared in ITR, previous year turnovers, and net profits declared etc..

A secret is most of the current account holders declaring profits under NO ACCOUNTS MAINTAINED OPTION do not get any such query.

Finally, let me repeat, ::: Why not, if it is accountable!!

Thanking You.

Welcome

 

50000 in a single day is reported to itd? i dont believe so i heard above 2lakhs in a single day its reported


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