How much cash should be deposited in the bank account that the notice of income tax does not come? Know the rules

All of us have a savings account in some bank, ie savings account. We keep our hard earned money in this and make and deposit and deposit according to our needs. But a question often creates fear in our mind – “How much cash can I deposit in my account that the Income Tax Department should not look at me?”

This question is very important, because a small mistake or lack of information can implicate you in income tax.

So let’s remove this confusion today forever.

What is the ‘magical amount’ on which the department looks at?

According to the rules of the Income Tax Department, if you have a financial year (1 April to 31 March) in one or more saving accounts in total 10 lakh rupees or more If you deposit cash (cash), your bank gives its information to the Income Tax Department.

But wait! There is a huge ‘but’ in the story

Often people think that “if there is a limit of 10 lakhs, then I deposit 9.5 lakh rupees, then I am safe.” This is the biggest misunderstanding!

The thing to understand is that it Not ‘safe limit’, but ‘reporting limit’This means that it becomes mandatory for the bank to report it to the government as soon as it touches the 10 lakh figure. This does not mean that if you deposit less than this, the department cannot ask you questions. If you are repeatedly getting small cash deposits in your account, which do not match your income, you can still be questioned.

What happens when the bank sends information?

1. As soon as you cross this limit, your bank sends this information to the Income Tax Department.
2. The department then matches it with your filled ITR (Income Tax Return).
3. If there is a big difference in your deposited cash and income shown by you, then understand that Income tax notice The letter can come to your house.

What is the rule for the current account?
If you have a business and your current account (current account), then this cash deposit is Rs 50 lakh for you.

So what to do? How to avoid this mess?

There is a need to be aware, not to be afraid. Just keep these small things in mind:

• Keep the accounts confirmed: Whatever cash is coming to you, what is the source of it, keep sure.
• Fill ITR honestly: Show all your income honestly in your ITR. If your deposited cash matches your income, then there is nothing to fear.
• Do not panic if notices come: Do not panic even if the notice comes. Just give the correct answer to him with evidence of your income.
• Be digital, stay tension-free: As much as possible, do transactions online or through check. This keeps the record of everything and you avoid the troubles of waste.

Remember, the government is not against cash, but against black money. If your money is justified, then you do not need to be afraid.