10L cash in a financial year per bank
check this for other info:
10L cash in a financial year per bank
check this for other info:
If this is all legal money you can deposit any amount of money
If you cross the cash deposit limit in savings account, the banks are required to report the excess transactions to the Income Tax Department. But, they will not be taxed outright. Here are certain things that you must keep in mind regarding the cash deposit limit in savings account -
13 accounts , but same PAN naa ?
Hn
I think you can deposit up to 50 lakhs in a current account within a fiscal year without notifying the IT department. For savings account however the limit is 10 lakhs in a financial year above which the bank is obligated to report the IT authority. Confirm with a professional CA though if you don't want to land in some trouble. Hopefully, the cash is legal.
one dimer was in same scenario sometime back but he had cash around 50 lacs or more i think to manage
same pan card right!
are you filing income tax returns properly..
Consulting an experienced CA should be considered.
use close relatives account like father , mother ,brother , sister and transfer it to your own account and few in your own account... That will escape Bank reporting to Income tax department
The cash deposit limit in a savings account as per income tax regulations in India is ₹10 lakh during a financial year. If you deposit more than this amount, it may attract the attention of tax authorities. For those holding current accounts, this reporting threshold is elevated to ₹50 lakh.
Additionally, it’s important to note that you can deposit a maximum of ₹1 lakh per day in your savings bank account. However, the limit can exceed up to ₹2.5 lakh in a day if it’s done once in a while. As far as the annual limit is concerned, the maximum cash that can be deposited in a savings account is ₹10 lakh.
Multiple Accounts:
You mentioned having 13 accounts. While it’s technically possible to deposit ₹49,000 in each account, you should be cautious. The Income Tax Department monitors transactions, and if they notice a pattern of frequent deposits just below the reporting threshold, it might raise suspicion as accounts could be different but all of them are linked with PAN.
Deposit in same account from where you have withdrawn it earlier. Then issue cheque
When people have large sum of cash, it's mostly untaxed income. Not necessarily illegal income but hidden from tax.
If this is all legal money you can deposit any amount of money