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
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
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
You may deposit Rs. 5 lacs if you are going to disclose this income in your ITR.
T R SOOD & CO
New Delhi
CA Inter
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SSGS and Associates
Chennai
CA Inter
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SMJ global advisors pvt ltd
New Delhi
B.Com
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