Cash Deposit Limit- Now you will be able to deposit only this much money in the savings account, Income Tax Department issued guidelines
Today every person in the country, be it a child, youth, elderly, or woman, everyone has a savings account, in this digital age it is also necessary for you to have it for transactions, but friends, savings accounts also have a limit, going beyond which can be harmful for you, recently the Income Tax Department has issued some new guidelines related to savings account, let's know about them-
There is no restriction on opening a savings account in India, due to which many people keep multiple accounts. These accounts provide a safe place to deposit money, where banks pay interest on the amount deposited. However, to avoid penalty charges, it is necessary to maintain a minimum balance, except for zero-balance accounts.
Cash deposit rules
You will have to provide your PAN (Permanent Account Number) when depositing Rs 50,000 or more.
Up to Rs 1 lakh cash can be deposited per day.
Non-regular cash depositors can deposit up to Rs 2.50 lakh without a PAN.
A maximum of Rs 10 lakh cash can be deposited per financial year across all accounts for taxpayers.
Income Tax Reporting
Deposits of more than Rs 10 lakh in a financial year are subjected to scrutiny by the Income Tax Department. Account holders must provide a satisfactory explanation for such large deposits in their income tax returns. Failure to do so may result in fines and scrutiny by tax authorities.
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