Can I deposit 9 lakhs in my savings account?

Since there is a system of Annual Information Return being filed by banks, your cash deposit exceeding Rs. 10 Lakhs in a Savings account / exceeding Rs. 2 lakhs is not allowed as per Section 269ST of the Income tax, which will land you in a penaly of Rs. 10 Lakhs.

Can someone deposit 10 lakhs in my account?

Cash deposits in bank accounts: CBDT has made it mandatory for a bank or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more during a financial year, in one or more accounts (other than a current account and time deposit) of a person.

Can we keep 10 lakhs in savings account?

Thus, as cash deposits and withdrawals of Rs 10 lakh or more in a bank account in a financial year are required to be reported to the tax authorities, you need to be careful if you are exceeding the prescribed threshold. This limit is Rs 50 lakh and more in case of current accounts.

Where will the deposit of 10 lakhs in a savings account go?

The deposit will be in the server of Income Tax Department , courtesy provision of Annual Information Report mandatory for banks to submit every year and report among other things aggregate cash deposits in excess of Rs 10 Lakhs in a savings account.

How much cash deposits are required to be reported in banks?

Cash Deposits in Banks : Banks will have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more accounts (other than Current Account / Time Deposit) of a person.

How can I view the details of my high-value non-Pan transactions?

Key in your TSN (Transaction sequence number) in the ‘text box’ and click on ‘search’. You can view the details related to your high-value non-pan transactions. Click on ‘submit to view further details’ button. Based on the type of your transaction, you can find few options to choose from.