Hello everyone,
I have a query on depositing amount in savings bank a/c. What are the rules of depositing Rs. 5 lac and above into the account and are there any ways where I do not have to pay tax??
Thanks
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Tax..savings a/c
Replies (3)
Dear Lowrence,
If you want to deposit Rs.50,000 or more in a one time, then you have to furnish your PAN to the bank. And you have to pay the tax on int income & as per Sec 80TTA Int income on saving Account is exempt upto Rs.10,000/-.
Regards,
Harish Bansal
deposit of 50000 or above requires mentioning of pan. tax amt. depends upon income earned during the year and not on amt. deposited in savings a/c. however intt. on savings acc. is taxable income subject to a deduction of 80TTA upto 10000.
You may deposit Rs. 5 lacs if you are going to disclose this income in your ITR.
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