Maximum Cash Deposit Limit In Bank To Avoid Income Tax Notice

Support At Milaap https://m-lp.co/rajeevla?utm_medium=n... -------------------------------------- About This Video : In India, there is no specific limit on the amount you can deposit in a bank to avoid income tax. However, the government and tax authorities monitor large transactions, especially those that are unusual or suspicious. Here are some key points to be aware of: 1. **Cash Deposit Limit **: If you deposit *Rs. 10 lakh or more* in a single financial year in one or more accounts, the bank is required to report this to the *Income Tax Department* under *Section 285BA* of the Income Tax Act. In some cases, deposits of *Rs. 50,000 or more* in a single day could also trigger reporting to the tax authorities, especially if it appears unusual. 2. **Source of Funds**: You need to have a legitimate source of income for the deposits. If your deposits appear unexplainable or if there are inconsistencies in your declared income, the tax authorities may initiate an investigation. 3. **Taxable Income**: Depositing large sums of money does not, in itself, trigger income tax, but if the amount deposited is found to be income that hasn't been declared, it may lead to tax liabilities, penalties, and scrutiny from the Income Tax Department. 4. **Form 60 and PAN Requirement**: If you deposit *cash of Rs. 50,000 or more* in a day, banks are required to ask for your *PAN (Permanent Account Number)* or *Form 60* (if you don't have a PAN). This helps to ensure that deposits are traceable. To avoid any issues, it’s important to ensure that your deposits are consistent with your declared income and are supported by appropriate documentation (e.g., salary slips, business earnings, etc.). If you have any doubts or concerns about large deposits, it’s a good idea to consult with a tax professional to ensure everything is in compliance with the law. Our Other Useful Links : ------------------------------------------ 1) XY Axis - Full YouTube Course Link https://xyaxiseducation.com/learn/fas... -------------------------------------------- Some Best Credit Cards Links : --------------------------------------------- SBI Cashback Credit Card https://secure.traqkarr.com/click?pid... ----------------------------------- SBI BPCL Octane Credit Card - Best Fuel Card http://tinyurl.com/IMASBIBPXY ----------------------------------- Tata Neu - HDFC Credit Card https://tinyurl.com/yhf8wae6 ------------------------------------- Kiwi Credit Card https://tinyurl.com/4bm29nv6 ------------------------------------- HDFC Bank Credit Cards Link https://tinyurl.com/29m4ksnt -------------------------------------- Axis Bank Credit Card Links https://tinyurl.com/mux6fe3j -------------------------------------- Best Bank For 0 Balance Account Opening ----------------------------------------- IndusInd Bank 0 Balance Account Opening Link https://mdeal.in/c_Rg0GCaV8TYn0PMD --------------------------------------- Best EMI Credit Card Link --------------------------------- Bajaj Finserv EMI Card Apply Link https://mdeal.in/c_ySS7pArFgTYWnY9 ------------------------------------- Insurance ------------------ Health Insurance Link : https://tinyurl.com/4t4tbdvy Term Insurance Link : https://tinyurl.com/3tdn8xzu