Income tax will have to be paid if there is more money in the bank account than this limit, know the rules of IT

tax news

New Delhi: In modern times, every person wants to keep his account separate for saving, so that he can collect the money properly. The desire of a working professional or any person associated with any business is to invest in such a place that the money is safe and the interest is also good. 

There are many big banks in India, where people also get the benefit of bumper interest. You earn money and deposit it in banks, but do you know that if the money exceeds, tax also starts being levied.

 Banks have set a limit for this amount, beyond which tax starts being levied. If you know all this then no problem.

To know how much amount you will not have to pay tax till you deposit in the bank, you will need to read our article carefully. All your confusion will be resolved in the article.

Tax will be charged if you exceed this limit 

If you are thinking of saving money in a savings account in any bank, then you will have to keep important things in mind. Sometimes, if you have too much money saved in your account, you come under the radar of Income Tax, due to which the department takes action.

Anyway, the Income Tax Department has information about the cash in the bank account. According to the Central Board of Direct Taxes, it is very important to give information about cash deposits of more than Rs 10 lakh in a financial year.

The same limit of Rs 10 lakh is also applicable on cash deposits in FDs, investments in mutual funds, bonds and shares and purchase of foreign currency like traveller's cheques, forex cards.

Saving account is effective in keeping cash

If you have a savings account in any bank then you can easily deposit money. The most special thing about the savings account is that the interest amount on the deposited amount is transferred every quarter, which benefits people on a large scale.

There is no limit for keeping money in a savings account. You can keep any amount of money comfortably, for which you will not face any kind of problem.


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