Amount keeping in sb account
This query is : Resolved
22 May 2016
How much amount can I keep in savings account. Should I need to pay tax if I keep 6lakh in SB account
22 May 2016
There is no restriction as to the maximum amount one can have in a saving bank account.
Saving bank Interest is also a taxable income and taxed as per your slab rate. from AY 2013-14 and onwards Under Section 80TTA is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.
Yes there can be stipulation as to the minimum amount which you are required to maintain in your saving account either on daily basis of on average basis. This varies from bank to bank.
A word of advice in case you happen to have such huge money please do not keep this in the saving bank account for even a single day even if you may need it within a week or so.
Please invest this money in liquid funds scheme of a good mutual fund house, you will be able to get returns more than interest on saving bank account.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Saving bank Interest is also a taxable income and taxed as per your slab rate. from AY 2013-14 and onwards Under Section 80TTA is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.
Yes there can be stipulation as to the minimum amount which you are required to maintain in your saving account either on daily basis of on average basis. This varies from bank to bank.
A word of advice in case you happen to have such huge money please do not keep this in the saving bank account for even a single day even if you may need it within a week or so.
Please invest this money in liquid funds scheme of a good mutual fund house, you will be able to get returns more than interest on saving bank account.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Message likes :
1 times
22 May 2016
actually I think my transaction limit of that account come up to 10lakh I think total ... deposit and withdrwal.. so I can't withdrw that one..
Message likes :
1 times
22 May 2016
as on phone you asked about compliance query, hopefully following article will helpful to you :
https://www.caclubindia.com/articles/understanding-of-compliance-query-of-income-tax-department-26620.asp
Note : click on my THANK USER not yours...:P
https://www.caclubindia.com/articles/understanding-of-compliance-query-of-income-tax-department-26620.asp
Note : click on my THANK USER not yours...:P
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
