Is it safe to deposit 1lakh cash in CDM

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Tekk

Yes..I want to deposit 1.1lakh cash in ICICI CDM ..Is it safe as per income tax..or it will attract notice 

My yearly cash deposits including branch and CDM will be less than 2lakh .

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Deal Subedar Deal Subedar
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hmm i am not sure but do it in different days in different denominations 

like split it into 4 chunks and deposit as 25k - 4 times in 4 different days then you wont have any issues i think

one single "high value cash transaction" will have attention but Mutiple small value transaction wont have that much attention 

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May be..but I just deposited in icici in two transactions..49k+51k.

I thought they count per transaction year..

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Post Emperor Post Emperor
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Safe

Deal Subedar Deal Subedar
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deposit 49k+49k

If it's ur own money then no-one can question you...

Deal Subedar Deal Subedar
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yes true, for this to work he has to have the proof in paper or some documents of source, that its his money (many dont have that proof:) hehehe)

well 1 lakh wont have issues but when it crosses 10 lakhs might get IT notice at that time , need that source of income paper document as proof

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be ready for the  charges rest is fine no issues.

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Just called ICICI care..they told..Upto 1lakh in working hours at home branch CDM is free . after that 5rs charges per 1000rs..

Don't know how much they are going to charge..as i have deposited on non working day ..

Deal Cadet Deal Cadet
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No issues, just keep below 2 lacs in a day

Generous Generous
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For ICICI, Nil charges only for the transactions done during the banking hours. There are charges for the transaction carried out during the off hours and holidays.

Talk-Of-The-Town Talk-Of-The-Town
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I usually deposit around 1.5-2 lakh in cdm in pnb

It's easy and time saving

Deal Cadet Deal Cadet
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first see the ATM machine ID is there. because if any problem comes then you have to file a complaint mentioning the ATM machine ID. 

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