Savings Account Tips: Keep this much money in Savings Account, there will be no income tax raid..
In today's time, it is very important to have a bank account. It becomes easy to conduct financial transactions through a bank account. At the same time, there are different types of bank accounts. People open many accounts in banks like savings accounts, current accounts, and salary accounts. Different accounts have different benefits. But do you know how much money people can keep in a savings account? Let us know about it...
How much cash can be kept in the Savings Account?
Often people do a lot of transactions through this account. In this, mostly transactions of depositing and withdrawing money take place. Most of the people keep their savings in this account. But when the question comes how much money can be kept in the savings account?
Let us tell you that there is no limit on how much money can be kept in the savings account. You can keep as much money as you want in a savings account, but you have to take special care of one thing. If the money deposited in your savings account comes under the purview of ITR, then you will have to give information about it.
Information has to be given about so many cash deposits-
At the same time, no one wants to keep so much money in the savings account that it comes on the income tax radar. The IT department has information about cash deposits in our bank account. The Central Board of Direct Taxes has made it mandatory for any bank to report cash deposits of more than Rs 10 lakh in a financial year. The same limit of Rs 10 lakh also applies to cash deposits in FDs, investments in mutual funds, bonds, and shares, and purchase of foreign currency like traveler's cheques, forex cards, etc.
Follow our Whatsapp Channel for latest update