Do you know how much money you can deposit in your savings account or how much money you can withdraw at one time? Today we will tell you about some such important things related to savings account.
Savings Account Rules: Most people have savings accounts in the bank. People deposit their savings in this account and can easily withdraw these savings whenever they want, but do you know how much money you can deposit in your savings account or how much money you can withdraw at one time? Today we will tell you about some such important things related to savings account.
These are some important things about savings account
According to the income tax rules, you can deposit only Rs 10 lakh in your savings account in 1 financial year. Also, only 10 lakh rupees can be withdrawn during 1 financial year. Apart from this, according to section 269ST, a person can make a single transaction of only 2 lakh rupees from his savings account in a day.
In such a situation, income tax notice will come
If a person deposits an amount of more than Rs 10 lakh in his savings account in 1 financial year i.e. between 1 April to 3 March, then it will be considered as a high value transaction. In such a situation, the bank or financial institutions will have to inform the Income Tax Department under section 114B of the Income Tax Act, 1962. If you make a transaction of more than Rs 50,000 in a day, then you will have to give PAN number. In case of not having PAN number, it is necessary to submit Form 60/61.
If you deposit more than 10 lakhs in a financial year, you will receive an income tax notice, which you will have to respond to. To respond to the notice, you must have sufficient evidence to support your claim regarding the source of funds. These can be bank statements, investment records and inheritance related documents. In such a situation, you can consult a tax advisor.
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