Table of Contents
- 1 Can agricultural income be received in cash?
- 2 How much can farmers deposit in bank?
- 3 Can I deposit 10 lakhs in my saving account?
- 4 Can agricultural land be purchased in cash?
- 5 How much cash can you deposit in bank in one year?
- 6 How much cash deposits are kept by banks?
- 7 What is the penalty for receiving cash of Rs 2 lakhs?
- 8 How much cash deposit in savings account is reported to tax department?
- 9 What is the maximum amount of deposit in a bank account?
Can agricultural income be received in cash?
Therefore, no disallowance under section 40A(3) can be made if the trader makes cash purchases of agricultural produce from the cultivator. Further, section 269ST, subject to certain exceptions, prohibits receipt of Rs. 2 lakh or more by a cultivator of agricultural produce is prohibited under section 269ST.
How much can farmers deposit in bank?
There is no limit on cash deposits that can be made at the bank. The tax department does not ask any questions, on cash deposits up to INR 2.5 Lakhs, deposited at the bank. Many citizens are making multiple cash deposits in their bank accounts, without quoting PAN.
How much cash can be deposited in a saving account?
The cash deposit limit on savings accounts is ₹1 lakh. Depositing more than ₹1 lakh in a savings account may attract the attention of the IT department. There are also certain savings account withdrawal limits that you should know.
Can I deposit 10 lakhs in my saving account?
Cash deposits in bank accounts: CBDT has made it mandatory for a bank or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more during a financial year, in one or more accounts (other than a current account and time deposit) of a person.
Can agricultural land be purchased in cash?
You can sell an agriculture land or any other type of land and receive cash payments. To make this transaction transparent and legal, mention the same amount you received in the sale deed and pay the stamp duty based on that amount.
How much can you receive in cash before paying tax?
If you give more than $15,000 in cash or assets (for example, stocks, land, a new car) in a year to any one person, you need to file a gift tax return.
How much cash can you deposit in bank in one year?
Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities.
How much cash deposits are kept by banks?
According to CRR, 4\% of the Bank deposit is kept as cash reserve for daily transactions in Indian bank.
What can I do with 10 lakhs cash?
Have you invested your Rs 10 lakh in these 10 ways?
- Emergency funds. There can be times when you will be hit by curveballs and you need to be prepared for it!
- Short-term funds.
- ELSS funds.
- High growth funds.
- Gold.
- Public Provident Fund.
- Health insurance.
- Term insurance.
What is the penalty for receiving cash of Rs 2 lakhs?
If you are depositing cash of Rs 2 Lakhs or more in your bank account, you should be able to have adequate documents to prove that the money was received from different persons. The penalty for receiving cash of Rs 2 Lakhs or more is the equivalent amount.
How much cash deposit in savings account is reported to tax department?
You should be in position to explain the source for the same. Since there is a system of Annual Information Return being filed by banks, your cash deposit exceeding Rs. 10 Lakhs in a Savings account / exceeding Rs. 50000/- per transaction will be reported to Income tax department through AIR .
How much cash deposited in bank account will not attract it queries?
1) Cash deposited upto Rs 2.5 Lakhs in a bank account per person from 10th November, 2016 to 31st December, 2016 would not attract any IT queries. 2) Cash deposited above Rs 2.5 Lakhs in a bank account per person from 10th November, 2016 to 31st December, 2016 may attract IT queries.
What is the maximum amount of deposit in a bank account?
Generally speaking there is no limit as such on the amount of deposits being made in the savings account of a bank. But every bank is required to provide a report to the income tax department which includes details of deposits if more than Rs 2 lacs has been deposited in a year in a saving account.