Cash deposite regarding

This query is : Resolved

alpesh (Querist)
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12 November 2016 dear sir i has 3 bank account with different name bank whether i can deposite cash Rs 250000 in each 3 bank account then total deposite cash 750000 can i do .whather any issue in this case...give me limit cash deposite saving bank account and current bank account...

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay

(Expert)
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14 November 2016 The exemption with regard to the cash deposits. The deposit can be in one bank or multiple banks. The limit of Rs.250000 is the exemption limit which is prescribed as per Income Tax. In your case since your total deposit is Rs.750000, you are supposed to disclose this income in your income tax return. However, the bank is going to take this amount from you

ANKIT AGARWAL

ANKIT AGARWAL (Expert)
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14 November 2016 There is no limit to cash deposit. You can deposit any amount of money in any numnber of Account. The amount should be substantiated as per your IT returns/ VAT Returns etc year on year.

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