Can I deposit 10 lakh in my savings account?
Current account holders have a cash deposit limit of ₹50 lakhs. Cash deposits, while allowed in a fixed deposit (FD), should not exceed ₹10 lakhs. You can make large FD transactions through other traceable means such as cheques or internet banking. Credit card bill payments also have a limit of ₹1 lakh.
How much cash can be deposited in savings account in a year?
1] Savings/Current account: For an individual, the cash deposit limit in savings account is ₹1 lakh. If a savings account holder deposits more than ₹1 lakh in one’s savings account, then the income tax department may send income tax notice.
Is there any tax on cheque deposit?
(d) At the time of deposit of cheque, you are not required to pay any Income Tax. . However, during the financial/accounting year, you have to take the cheque into account for the purpose of calculation of income tax.
What is the maximum amount I can maintain in savings bank without tax in SBI?
The minimum investment allowed is Rs. 500 the maximum amount that can be invested is Rs. 1,50,000.
Do I have to pay tax on my savings?
Every basic rate taxpayer in the UK currently has a Personal Savings Allowance (PSA) of £1,000. This means that the first £1,000 of savings interest earned in a year is tax-free and you only have to pay tax on savings interest above this.
What is the tax on 10 lakhs deposited in savings account?
Depositing money in savings account does not attract tax. It is the interest on savings account, which if it exceeds Rs 10000/, is taxable and added to your income. However, you may be liable to explain the source of these Rs 10 lacs deposited.
Is there any tax on depositing cheques in bank account in India?
Your income of 3 lakh is taxable any way and if your accounts are supported with PAN, than you are liable to tax for rs 5 lakh. No , there is no tax on depositing your cheques or cash in your bank Account in India, as In India there is no banking transaction tax like some developed Countries… Harness digital marketing analytics tools.
Do I have to pay tax on 25 lakhs?
However back to your original question, if you do get 25 lacs transferred into your account and you do not return it before the end of the financial year then it will be deemed as your income and you need to pay tax on it. If it has been given to you as a loan, then you should have the documentation to prove it.
Is transfer of 5 lakhs to a friend’s bank account taxable?
Yes it is taxable, if you were to transfer ₹5 lakhs to your friend’s account, he is liable to pay tax as that is more that the tax exemption limit of ₹2.5 lakhs as income in a year. It means that your friend made more than ₹2.5 lakhs in the financial year and will have to pay taxes.