Saving Account: At the same time, tax has to be paid on savings accounts. Tax can also be on higher income and can also be on the interest you get from the bank. The bank gives a fixed percentage of interest on depositing money in a fixed period. This interest can be fixed or floating depending on the market and bank policy.
Bank Account: It is very important to have a bank account in today’s era. It is easy to do financial transactions through a bank account. At the same time, there are different types of bank accounts. People can open savings account, current account and salary account. Different accounts have different benefits. But do you know how much money people can keep under a savings account? Let’s know about it…
Bank account
Often people have a lot of transactions. Whereas these transactions are done in the savings account. People can keep their savings in this account under the savings account. But when the question comes that how much money can be kept in the savings account, then tell you that there is no limit to it. You can keep as much money as you want in the savings account, but you have to take special care of one thing. Actually, if the money deposited in your savings account comes under the purview of ITR, then you will have to give information about it.
Cash deposit
At the same time, no one wants to come on the radar of the Income Tax Department. Cash deposits are actively monitored through IT department. It is important to know the regular limit to avoid unnecessary hassle. 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. Deposits may be in multiple accounts, which may benefit the same individual/corporation. The same limit of Rs 10 lakh is applicable on cash deposits in FDs, investments in mutual funds, bonds and shares and purchase of foreign currency such as traveller’s cheques, forex cards etc. In such a situation, it is necessary to keep this in mind even while depositing cash in the savings account.
Savings account
At the same time, tax has to be paid on savings accounts. Tax can also be on higher income and can also be on the interest you get from the bank. The bank gives a fixed percentage of interest on depositing money in a fixed period. This interest can be fixed or floating depending on the market and bank policy. This is one way banks encourage their customers to keep their money in the bank.
ITR
The interest you receive from the bank is added to your ITR under the head income from dividends and profits and thus comes under the tax net. However, there is a limit of Rs 10,000 for this. The interest earned from bank deposits in a financial year should exceed Rs 10,000 to qualify for any tax. If your interest is more than Rs 10000 then you can claim deduction under section 80TTA of the Income Tax Act.
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