cash deposit in od account exceed 10 lakhs. during FY.
whether bank submit SFT to income tax department.
3 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 17 April 2021
Cash payment exceeding Rs 10 lakh for purchasing any prepaid RBI instruments like RBI bonds, etc. Deposits or withdrawals amounting to Rs 50 lakh or more from any number of current accounts of a person with the bank.
Ankit Neema
(2742 Points)
Replied 18 April 2021
If deposit made by you is genuine then you need not to worry . SFT REPORTING IN CURRENT ACCOUNT IS REQUIRED ON 50 LAKH OR MORE
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