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what is the maximum limit for tax exception
Hi i am doing an online business from home. I use my savings account for transactions. So would like to know upto what limit per year i can do transactions without tax problem?
Replies (2)
First thing, If you are earning income from genuine sources and has complete record then there is no such issue.
Still, if you want to know the limit for saving account then you must know that if during any financial year your total CASH DEPOSITS in saving account is exceeding Rs. 10 Lakhs then banks would send your account information to the income tax Dept. and Department may issue you tax notice but only if you are not filing your tax returns But if you are already filing your returns and declaring all such Receiving in that then need not to worry at all.
Further if you are receiving amount from Banking channels (online mode etc.) then there is no such issue.
Still, if you want to know the limit for saving account then you must know that if during any financial year your total CASH DEPOSITS in saving account is exceeding Rs. 10 Lakhs then banks would send your account information to the income tax Dept. and Department may issue you tax notice but only if you are not filing your tax returns But if you are already filing your returns and declaring all such Receiving in that then need not to worry at all.
Further if you are receiving amount from Banking channels (online mode etc.) then there is no such issue.
Well Explanation Mr. Nitesh
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