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Cash deposit in a day?
How much can a person deposit cash in his savings account in a day?
Replies (10)
As such depends upon each bank, and type of savings account/s..
But bank has to report to ITD for any cash deposited by cash for amount of Rs. 50K or more per day.
Can i deposit 5 transactions of 49,900? suppose i have declared income of 4 lakh in ITR
Restrictions on deposits of cash in a day Rs.199999/ applicacable for one account and for individual account.
Can i deposit in 2 different banks 49000*4 each?
Not in a single day............. yes, on different days....
Thank you so much
You are welcome..
Sir Reporting of Cash Deposit of 50K or more by banks is this as per Income Tax Act? As per As per Section 285BA of the Income Tax Act, 1961, SFT Reporting limit is 10 lakh.
No not as per IT act, but may be RBI guidelines...
Rs.199000 on a day or depending upon the transactions limit.
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