Sir, can i deposit 3lakh on current account?
Ashim kr Ray (social service) (1695 Points)
25 April 2017
Sir,
Can i deposit 3lakh on current account.
11 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 25 April 2017
Why not, if it is accountable!!
Ashim kr Ray
(social service)
(1695 Points)
Replied 25 April 2017
sir,
As cash deposit is restricted from 3lakh.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 25 April 2017
There is no restriction on cash deposits or withdrawals from own bank accounts.
Ashim kr Ray
(social service)
(1695 Points)
Replied 25 April 2017
sir how much cash amount can be deposited in current account in one year.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 25 April 2017
There is no restriction of any cash deposits in current or even savings accounts; but any cash deposited of 50K or above on single day is reported to ITD. Even aggregate of transactions above 50 lakhs in a year in any current account is again reported by bank. So, if it is your genuine trasaction as per cash flow (i.e. explainable as per sell/purchase etc.), no need to worry for any limit.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 25 April 2017
There is restriction to receive cash amount of 2 lakhs or more from any single person per day/occassion. But there is no restriction on cash deposits to bank account.
Ashim kr Ray
(social service)
(1695 Points)
Replied 25 April 2017
Sir, i have found in one articel that cash deposit 12 lac in current a/c and 8lac in saving a/c in per year. Above this income tax notice is received.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 25 April 2017
The article is for information purpose. But all those who are depositing cash above 12 lakhs in a year in current accounts DO NO GET INCOME TAX NOTICE. Depends upon business criteria, total turnover declared in ITR, previous year turnovers, and net profits declared etc..
A secret is most of the current account holders declaring profits under NO ACCOUNTS MAINTAINED OPTION do not get any such query.
Finally, let me repeat, ::: Why not, if it is accountable!!
Aaaaaa
(student)
(186 Points)
Replied 01 August 2017
50000 in a single day is reported to itd? i dont believe so i heard above 2lakhs in a single day its reported
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