Hello everyone,
I have a query on depositing amount in savings bank a/c. What are the rules of depositing Rs. 5 lac and above into the account and are there any ways where I do not have to pay tax??
Thanks
Lowrence (Writer) (157 Points)
11 June 2014Hello everyone,
I have a query on depositing amount in savings bank a/c. What are the rules of depositing Rs. 5 lac and above into the account and are there any ways where I do not have to pay tax??
Thanks
HARISH BANSAL
(student)
(229 Points)
Replied 11 June 2014
Dear Lowrence,
If you want to deposit Rs.50,000 or more in a one time, then you have to furnish your PAN to the bank. And you have to pay the tax on int income & as per Sec 80TTA Int income on saving Account is exempt upto Rs.10,000/-.
Regards,
Harish Bansal
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 11 June 2014
Mihir
(Wealth Manager)
(5293 Points)
Replied 11 June 2014
You may deposit Rs. 5 lacs if you are going to disclose this income in your ITR.