You will not be able to avoid income tax if you keep more money than this in your savings account, know the rules of income tax
savings account cash limit – It is very important to have a bank account. Any financial transaction is done easily through this. Anyway, there are many types of bank accounts, when you open an account in the bank, they will give you salary account, zero balance account, saving account etc. Actually, most of the people create a savings account only. Because interest is earned in the savings account and the money remains safe, but do you know how much money can be there in the savings account?
HR Mandi Bhav, savings account cash limit - Having a bank account is very important today. Now it becomes easy to take money through bank account.
At the same time, bank accounts are also different. People open salary account, current account and savings account in the bank. Different accounts have different benefits. But do you know how much money you can have in your savings account? You know about it...
How much money can be kept in savings account?
People often spend a lot of money from this account. Most of the operations of depositing and withdrawing money take place here. Most of the people keep savings in this account. But the question arises that how much money can you keep in a 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 any amount of money in your savings account, but you have to take special care of one thing. If money in your savings account comes under ITR, then you will have to inform it.
Information about this cash deposit
At the same time, no one wants to keep so much money in their savings account that it will come under the ambit of income tax.
The IT department gets the information about cash deposit in our bank account. It is mandatory for any bank to inform the Central Board of Direct Taxes about cash deposits of more than Rs 10 lakh in a financial year.
The Rs 10 lakh limit also applies to cash deposits, mutual funds, shares, bonds and investments in foreign currency such as travelers checks and forex cards.