How much money can deposit in saving bank account

858 votes

Accepting cash for more than Two lacs can attract you double the amount as fine as per the latest goverment notification. Coming to your question, If you want to deposit Rs. 15,00,000 in your bank account you will have to declare the source of that amount. Secondly, a tax liability of 30% will be attracted for one financial year. The problem will only arise if you fail to declare the source especially after demonitisation.

Advocate Shekhar Raj Sharma LawRato

924 votes

It is not clear if you are a resident Indian. If you are a resident tax paying person, there will be tax payable only on the interest earned on the deposit. The actual amount of Rs. 1500000 will not be taxable unless the said amount is an income in the financial year and you are able to justify the source of income. Make sure you file the annual ITR at the end of the financial year. Do share more details for further clarity.

Advocate Joydeep Nath LawRato

574 votes

Depositing or withdrawl is not criteria. If you properly paid taxes on such amount then there is no bar regarding depositing a money in bank account. But as per incometax act bank are obliged to provide the details of those account holder who deposit equal to more than 10 lack rupees in a financial year in cash transaction

Advocate Devesh Kumar LawRato

931 votes

As per the Income tax act 1961 , It is mandatory for the assessee to disclose the source of income which he had earned form the different source of his income. If the individual unable to define his income source , he would be liable to pay tax at the rate of 30% as per the law.
So you have to file the income tax return for the previous year and current year. I am having vast experience to tackle these situation as i duly qualified Chartered accountant . I would manage your fund and make an investment in LIC and MUTUAL fund. As your fund would be TAX fee.
Regards
Adv Rajul Jain
Karkardoma court

Advocate Rajul Jain LawRato