Can I deposit 25 lakhs in my account?

Deposits in Current Accounts : Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities. (ii) Rs 2.5 Lakh or more, in one or more accounts (other than a current account) of a person.

Can we deposit 10 lakhs in bank?

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 you deposit at once?

If you deposit more than $10,000 cash in your bank account, your bank has to report the deposit to the government. The guidelines for large cash transactions for banks and financial institutions are set by the Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act.

What are the tax deductions available on 15 lakhs salary?

You can also take deduction for nps, home loan etc. Below is the actual tax calculation for current financial year on 15 lakhs salary. Deductions may vary.

How much do you have to pay in tax in India?

The amount you have to pay in tax depends on which income tax slab you fall under. Currently, the maximum rate for income tax is capped at 30\% though a surcharge and educational cess is added. The table below gives an idea of the taxable income in India.

What are tax deductions / tax exemptions in India?

The Indian Income Tax act allows for certain Tax Deductions / Tax Exemptions which can be claimed to save tax. You can subtract tax deductions from your Gross Income and your taxable income gets reduced to that extent.

How many estimated tax payments should I make to avoid penalty?

Generally, taxpayers should make estimated tax payments in four equal amounts to avoid a penalty. However, if you receive income unevenly during the year, you may be able to vary the amounts of the payments to avoid or lower the penalty by using the annualized installment method.