Cash deposit limit
Ankita (Accountant) (29 Points)
24 April 2017
Hi, can any one let me the limit for cash deposit in current account by self
2 Replies
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 24 April 2017
Ms.Anikita
One can deposit any sum of money into his/her bank account. The provisions of Section 269ST are not applicable to Banking Companies.
The source of cash receipt by the depositor is to be explained to the Income-tax Department if questioned.
If the cash receipt is fallen within the ambit of section 269ST the depositor is liable to pay penalty u/s 271DA.
You are aware the amount of penalty is equal to the receipt of cash.
Best Wishes
SathikondaA
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