Savings Account: Whether it is to take advantage of government schemes or to invest, most people have a savings account. They transact money through a bank account. Many times you also deposit cash in the bank. But do you know that there are some rules regarding cash deposits in the bank, which most people are not aware of. Let us know through the news what are the rules of the Income Tax Department regarding depositing cash in a bank account
How much can be deposited in a bank account-
According to the rules of the Income Tax Department (it rules on cash deposit limit), no limit has been made for keeping money in a savings account, but a limit has been fixed for depositing in cash. According to the rules, you can deposit any amount in the account through check. Let us tell you that the limit is only for depositing cash in the account (Savings Account Transactions Rules). Limit for depositing cash-
If we look at the rules, if you deposit Rs 50,000 or more in cash in your savings account, then for this you will also have to give your PAN number to the bank. You can deposit up to one lakh rupees in cash in a day.
According to the rules, if you do not deposit cash regularly in the account, then this limit (Saving Account cash limit) can be up to Rs 2.50 lakh. At the same time, according to the rules, you can deposit a maximum of Rs 10 lakh in a financial year, but if you deposit more than this, you have to tell the IT department about the source.
This limit is overall for taxpayers-
For your information, let us tell you that this limit of depositing cash in the account is not only for one bank. Let us tell you that this limit is overall for taxpayers for one or more accounts. According to the rules, if a person deposits more than Rs 10 lakh in cash in a financial year, then it has to be reported to the Income Tax Department.
Know wat are the rules of the Income Tax Department-
If a person violates this limit (IT rules in saving account) and is unable to give satisfactory information to the Income Tax Department about the source of his income, then that person can come under the radar of the Income Tax Department and a strict investigation can be conducted against him by the Income Tax Department (income tax department rules). If some irregularity is found, then he may have to pay a heavy penalty if caught. However, this does not mean that you cannot make a cash transaction of more than Rs 10 lakh.
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