Bank account rules: The Income Tax Department keeps an eye on every transaction of the people. The department also keeps an eye on depositing and withdrawing money in bank accounts. Rules and limits have also been set by the Income Tax Department for this.

The department has set rules regarding the maximum cash deposit limit in a day and the maximum amount to be deposited in a financial year. Violating these rules can result in a notice to the account holder. Let us know what is the maximum cash deposit limit in a bank account according to the department.

The department has set rules for this reason -

The Income Tax Department has set a limit on depositing money in savings accounts to prevent tax evasion. The department can also look at depositing large amounts of cash from the point of view of hiding the source of income. Therefore, a provision has also been made to take action against those who hide income or commit tax evasion.

How much money can be deposited in a day-

According to the rules, up to 1 lakh rupees can be deposited in a savings account in a day (IT rules for cash deposit). This limit is up to 10 lakhs for a year. If a customer deposits more than 1 lakh rupees in a savings account in a day, then the Income Tax Department can ask about it by sending a notice. Therefore, it is very important to follow the rules of the Income Tax Department, along with this, it is necessary to have a legitimate source of income and money.

Action on ignoring the notice -

If you get a notice from the Income Tax Department on depositing a large amount in the bank account at once, then you will have to answer it properly. If you are unable to answer it or do not answer within the stipulated time, then along with freezing the bank account (income tax rules for savings account), you can also be jailed. You should have sufficient proof of this amount or income, otherwise, it can create big problems for you.

Keep these things in mind while depositing money in the account-

- While depositing money in the bank account, the consumer has to keep many things in mind. If you deposit a large amount in the bank, then keep proof of that income with you. Receipts, bank transfer slips, and transaction details can also be included as proof.

- Income tax can ask you where this money has come from. On this, you have to tell whether this money is from salary or received as a gift or from any other source (income tax rules). If you are unable to give a satisfactory answer, then action can be taken against you.

- If the amount deposited in the account comes under the scope of income tax according to the tax slab, then tax will have to be paid on it and it will also have to be told in the income tax return. Other actions can also be taken by imposing a fine on you (fine on tax evasion) for hiding the income. In such a situation, instead of depositing a large amount at once, the customer can deposit in smaller amounts more times.

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