[2023] Income Tax rules for Saving Account Bank transaction. What are the limits for saving Bank transaction limit 2023? Saving Account Deposit Limit? What is myth about less than 50,000 and 2.5L cash deposit.
#SavingAccountLimit #SavingBankTransactionLimit #savingaccountDepositLimit #SavingBankCashLimit
1. Statement of Financial Transactions (SFT): Rule 114E of the Income-tax Act, 1962
2. What are Saving Account Deposit Limit?
3. What is myth about less than 50,000 and 2.5L cash deposit
4. Can I get money from Friend/Relative
5. What will happen in case income tax see these transactions?
6. Unclaimed Deposit in Bank Rule
7. Person working outside India, can he send to wife account
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Any separate limit for Cash : No - limit is same 10L in a financial year - one time or collective. From 01st June 20 onwards TDS in case of withdrawal of cash above. 20 lakhs or 1 crore @ 5% or 2% (based on ITR filing status)
What limit for Current Account : 50L : Any person deposit cash exceeding 1 crore in his Current Accounts in a financial year, then it is mandatory for him to file return of income even if his income is below taxable limit.
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