Bank account: In today’s time, having a bank account has become a basic necessity. Bank account not only saves your money but you also get interest. You can make online payment through your bank account
Bank account: In today’s time, having a bank account has become a basic necessity. Bank account not only saves your money but you also get interest. You can make online payment through your bank account. Many times customers put their savings worth lakhs in the bank account, but do you know how much money can be kept in your bank account. So that the income tax does not fall on you…
You can keep cash in 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 that 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 under the radar of income tax. 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 traveller’s cheques, forex cards etc.
