Regarding cash transaction limit per year

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2015 Sir, if anyone transacted 700000/- ( deposit and withdrawal ) in savings account from 1st april. Now how to avoid Income tax and how much the limit per year.

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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20 November 2015 There no limit as such, but banks will give ur information to income tax departments if you have deposited more than 10 lac in cash in saving bank accounts.

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CA Ankur Mehta
Jai Jinendra

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2015 dear Sir, is it 10 lacs in a financial year?

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CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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20 November 2015 Yes its 10 lacs per year.