Cash deposit in a day?
shivam bhatia (231 Points)
02 January 2023
How much can a person deposit cash in his savings account in a day?
10 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 02 January 2023
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.
shivam bhatia
(231 Points)
Replied 02 January 2023
Can i deposit 5 transactions of 49,900? suppose i have declared income of 4 lakh in ITR
sabyasachi mukherjee
(27574 Points)
Replied 02 January 2023
Restrictions on deposits of cash in a day Rs.199999/ applicacable for one account and for individual account.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 02 January 2023
Not in a single day............. yes, on different days....
Nishant
(Assistant)
(1095 Points)
Replied 03 January 2023
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.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 03 January 2023
No not as per IT act, but may be RBI guidelines...
sabyasachi mukherjee
(27574 Points)
Replied 04 January 2023
Rs.199000 on a day or depending upon the transactions limit.
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