Income tax Rules Update: In today's era of digital banking, it becomes very important to deposit money in the bank account. Along with this, some rules have also been made for depositing money in the bank account. The trend of keeping money in the account (Cash deposit rules in India) is increasing very fast.
Today, about 80 percent of the people in the country have a bank account. In such a situation, you need to know about the rules for depositing money in the bank. Know the full details about this in the news.
Interest is available on saving money-
In a bank account (Saving Account Rules), not only your money is safe, but you also have to pay an interest rate. Many times people put their savings of lakhs in the savings account (Saving Account Transaction rules). In this situation, you should know how much money you can deposit in the savings account. Because of this, you should not come on the radar of the Income Tax Department.
These are the limits in the savings account-
No limit (Saving account new rules) has been set for keeping money in the savings account. You can deposit as much money as you want in it. But, if the amount deposited in your account comes under the purview of income tax, then you will have to give information about this to the Income Tax Department (Income Tax Department Update). Along with this, it is very important to give information about the source of income.
If you knowingly deposit more than Rs 10 lakh in the bank in a financial year (financial year 2025-26), then you will have to give information about this to the Central Board of Direct Taxes (CBDT kya h). The same limit is also applicable to investing in cash deposits in FD, mutual funds, bonds, and shares.
Information will have to be given about the source of money-
If you have deposited more than Rs 10 lakh in your accounts, then you should be aware of its source by the Income Tax Department (income tax department's latest rule). If he is satisfied with your answer, then this can also be investigated.
If you are caught during the investigation, then a heavy penalty can also be imposed on you. You will have to pay up to 60 percent tax on the amount deposited by the Income Tax Department (latest IT Update). At the same time, a 25 percent surcharge and 4 percent cess may also have to be paid.
It is right to deposit money in a savings account-
There is no point in depositing a large amount in a savings account (saving account deposit rules). You can invest this money in the stock market or mutual funds. In this, you will be provided with a great return. If you do not want to take risk or have to deposit money in the bank (latest banking update) only. Apart from this, you can also get a Fixed Deposit (FD). In this, your money will be safe and you will also get a good return on it.
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