26 February 2022
Sir, Question:1 It assessee cash deposits limit for one financial year 1.cash deposit in bank sb account 2.cash deposit in bank current account 3.cash fixed deposit in bank and postal . Question:2 It assessee 26as information mentioned below show procedure in books. 1.sec 194j b rs:50,000/- 2.sec 194 I(b) rs:1,50,000/- 3.sec 194 k mutual fund rs:202.16 4.sec 206cq ICICI Bank rs:4890/-
27 February 2022
As such there is no limit for depositing cash in these accounts; but as per IT act, banks or financial institutes have to report to authorities, the cash deposited by any account holder/s to any of its account/s above certain limit; which is as follows: 1. Savings account... Rs. 50K or above on any day, or Rs. 10 lakhs or above in aggregate in any FY. 2. For current accounts.. Rs. 50 lakhs cash transactions 3. For any other bank or PO FD/RD etc..Rs. 50K and above..
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