Dear Team,
Could you please tell me about Saving A/C Bank Transactions limit to avoid Income Tax notice.
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What is the saving A/C bank transaction limit as per IT Dept
Replies (5)
No cash deposits of Rs. 50K on any single occasion/day, and 10L in aggregate per annum.
Cash deposit of more than 50000/- per day or 10 lakh in a single financial year in any savings account, attract the provision of reporting to Income Tax department by Bank.
agreed with above answers
thank you and congratulations
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