Respected sir,
Is there any limits on savings bank account balance?
what if total receipts per the PY exeeds Rs.2,50,000/-
Is there any tax implications on money receipts in Savings Bank account?
pls clarify sir ,
Thanking you.
No such limit , but there are rules of taxation in respect of interest earned on s/b a/c. (section 80 TTA/TTB )
receipts in the nature of income if exceeds maximum amount which is not chargeable to tax , you will be liable to file ITR and offer such income for taxation.
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