All About cash Deposit in Saving Account. Have Any Queries Call/Whatsapp On
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Q1 How much cash can be deposited in savings account?
Cash deposits and withdrawals of Rs 10 lakh or more in a bank account in a financial year are required to be reported to the tax authorities, you need to be careful if you are exceeding the prescribed threshold. This limit is Rs 50 lakh and more in case of current accounts
Q2 Meaning of Saving Account?
All Saving Account, Joint account, Minor account where Your PAN attached or not, same branch saving account, other branch saving account considered.
Q3 How Avoid Income tax Notice?
Always use current account for cash and day to day activity and keep sources of CASH with document and supporting.
Q4 How Bank Report to the Income Tax department?
Bank send the details of cash deposit with address, PAN, Amount of cash deposit and account Number.
Q5 How Income tax verify the transaction?
Income tax Department verify the income tax return, old record and match the financial capacity to deposit the cash and ask the sources of cash.
Q6- How Satisfy the Income tax department
You need to proof that It is Not a black money and on emergency we deposit the cash in the saving reason. Complete Practical example mentioned in the Video .