If you deposit more cash in a savings account, then you can come home notice

News India Live, Digital Desk: ITR: Do you also deposit cash ie cash in your savings account? If yes, then this news is very important for you. Nowadays the Income Tax Department is eyeing every small and big financial transactions. Even a small mistake of yours can put you in trouble and your home income tax notice can come.

What is the limit to deposit cash?

According to the rules, during a financial year (1 April to 31 March), if you are in total in one or more savings accounts 10 lakh rupees or more If you deposit the cash, then you come under the eyes of the Income Tax Department.

It is not necessary that you have deposited this amount in one go. If you have deposited a total of Rs 10 lakh or more cash in a year, then this rule will also apply.

How does the Income Tax Department know?

You must be wondering how the department gets information about it? Actually, your bank itself informs the Income Tax Department. Whenever the cash deposits in an account are beyond the limit, the banks have to report it to the government. This information SFT (Statement of Financial Transactions) They say. This information is your AIS (Annual Information Statement) It also appears in.

Why does notice come?

When a large amount of money is deposited in your account, the department wants to know where this money came from you. Have you paid tax on this earning? If there is a big difference between the income shown in the income tax return (ITR) filed by you and your bank deposit, then the department sends notice to ask you its source.

Rules are also for other accounts

• Current Account: The limit for depositing cash for this is Rs 50 lakh.

• Fd (fixed deposit): In this too, the department keeps an eye on depositing more than 10 lakh rupees.

• Credit Card Bill: If you pay a credit card bill of more than Rs 10 lakh in a year in cash, you can still come on the radar.

How to avoid notice?

The best and simplest way is to give correct and complete information about all your income in your income tax return (ITR). If you have sold a property, sold some old gold or you have got cash from any other legitimate source, then definitely show it in your ITR.

The summary is not to be afraid to deposit the cash, just be honest about your income and its source and do not hide anything from the government.

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