Limit of cash deposit in different bank account
This query is : Resolved
10 November 2016
Sir,
I have approx Rs 5 lac in 500 & 1000 currency note which was kept for emergency requirement. Can i deposit it into one bank account?
Also I have 4 nos of bank account in different bank like ICICI Bank, HDFC Bank, SBI, etc.; (all have same PAN and KYC document)
Can i deposit the same in my 4 different bank account?
Is there any taxation problem will arise?
I have approx Rs 5 lac in 500 & 1000 currency note which was kept for emergency requirement. Can i deposit it into one bank account?
Also I have 4 nos of bank account in different bank like ICICI Bank, HDFC Bank, SBI, etc.; (all have same PAN and KYC document)
Can i deposit the same in my 4 different bank account?
Is there any taxation problem will arise?
10 November 2016
Depositing 5 lacs in a bank ac you have to prove the source of income before tax authorities when asked for.
Intimations will be sent to income tax authorities for cash deposit in excess of 2.50 lacs.
Intimations will be sent to income tax authorities for cash deposit in excess of 2.50 lacs.
Message likes :
1 times
10 November 2016
Thank you for this information.
But it is not clear to me that, is there required any intimation to be sent to income tax authority if i divided the amount by 1.5 lakh, 1.5 lakh and 2 lakh for depositing my different account?
But it is not clear to me that, is there required any intimation to be sent to income tax authority if i divided the amount by 1.5 lakh, 1.5 lakh and 2 lakh for depositing my different account?
10 November 2016
All the deposits in different banks relating to single PAN will be clubbed.
Message likes :
1 times
10 November 2016
thank u..
now it is very clear.
now it is very clear.
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
- Gst registration in the state of maharashtra
- Service Provider GST
- Receipts in bank account by way of transfer from various persons via UPI
- TDS u/s 194Q in case of Section 8 company registered u/s 12A and 80G
- 26B Form submission
- TDS on amenities like electriity / transformer
- 26QB last installment Query
- GST ISD registration
- TDS on advance amount paid to builder
- RCM is applicable or not (labour Charges , loading and uloading charges)
- GST on written off amount credited to profit & loss account
- MSME REPORTING IN 3CB-CD
- GST REGIST FOR EXPORT OF SERVICE (ACCOUNTING)TO FOREIGN CLIENTS IF TURNOVER LESS THAN 20 LAC
- SECTION 50AA SHORT TERM CAPITAL GAIN IN CASE OF MLD
- REGARDING NEW GST REGISTRATION
- GSTR 3B and GST Challan payment
- How to surrender Duty Drawback
- ITC Reversal & re-claim statement [FY 2023-24]
- How to generate e invoice for a software company having LUT Bond
- Regarding required stamp
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
