Cash deposit limit under income tax
srikumar (audit staff) (1203 Points)
19 September 2021how much cash deposit in one transaction is safe ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174880 Points)
Replied 19 September 2021
Banks have to report cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account/s of a person.
Banks/Post offices also have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more accounts (other than Current Account / Time Deposit) of a person.
Banks/Post offices additionally have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more Time Deposit accounts of a person .
Saurav Kumar
(50 Points)
Replied 20 September 2021
srikumar
(audit staff)
(1203 Points)
Replied 20 September 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174880 Points)
Replied 20 September 2021
I have stated the limits as per the reporting of the financial institutes to ITD,; otherwise there is no limit for deposits to any account.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174880 Points)
Replied 20 September 2021
For any single transaction limit is Rs. 50,000/-
srikumar
(audit staff)
(1203 Points)
Replied 21 September 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174880 Points)
Replied 21 September 2021
Yes, the query can be raised.
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