Income Tax: There is confusion among the people after the order of RBI. According to the Reserve Bank, you can change 10 notes of 2000 rupees (20000 rupees) from the bank at one go. Apart from this, there is no limit for depositing cash.
Rs 2000 Note Ban: If you also have 2000 rupee notes, then definitely read this news before depositing them in the bank. RBI has asked to deposit Rs 2,000 notes in any bank branch before September 30, 2023. But after the order of RBI, there is confusion among the people. According to the Reserve Bank, you can change 10 notes of 2000 rupees (20000 rupees) from the bank at one go. Apart from this, there is no limit for depositing cash. But in the midst of all this, income tax experts insist on some things.
Must maintain accurate records and documents
People who have a large amount of cash at home and want to deposit it in a bank account, what should they do? For this, they should make accurate records and documents to prove the source of money. With this, you can avoid any kind of problem in future. There is a limit for depositing cash in bank accounts. Record is maintained of those who deposit cash in the bank account.
A limit for depositing cash
The Income Tax Department is informed about the details of financial transactions in case of large number of transactions from the bank. This information is shown in Form 26AS of those who deposit money in the account. In the financial transaction statement, a limit is fixed for depositing cash in the account.
A notice can be received from the Income Tax Department
if 10 lakh or more is deposited annually in a savings account. Similarly, if 50 lakh or more is deposited in the current account. In this situation, there is a possibility of attracting the attention of the authorities. If the amount deposited by you does not match with the Income Tax Return (ITR), then you can get a notice from the Income Tax Department on this.
In the notice sent by the Income Tax Department, you will be asked for clarification regarding the cash deposit amount. Therefore, if you are depositing cash in a bank account, it is important to keep a record of its source. If you do not do this, you will not be able to respond to these notices properly.
