Cash deposits in bank

08 March 2021

How much amount of money can be deposited in Bank per transaction

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 08 March 2021

There is no limit to deposit through cheque in bank account

Gajjala Dhanunjaya Reddy (13 Points)
Replied 08 March 2021

No I am asking about limit which income tax department questions if the transaction of cash deposited

siva andhavarapu (ca final) (388 Points)
Replied 08 March 2021

Cash deposited from earlier income or savings

Individuals who deposit cash above Rs.2.5 lakh and senior citizens who deposit cash above Rs.5 lakh may be scrutinized. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.
Bank accounts that are suspected of being misused for money laundering or tax evasion or entry operations in shell companies will be completely investigated.

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