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Can I deposit 10 lakhs in my account in India?
Cash deposits, while allowed in a fixed deposit (FD), should not exceed ₹10 lakhs. You can make large FD transactions through other traceable means such as cheques or internet banking. Credit card bill payments also have a limit of ₹1 lakh.
What happens if you deposit over 10000?
Depositing a big amount of cash that is $10,000 or more means your bank or credit union will report it to the federal government. The $10,000 threshold was created as part of the Bank Secrecy Act, passed by Congress in 1970, and adjusted with the Patriot Act in 2002.
Can I deposit 10000 check in my bank account?
Cash or Check Deposits of $10,000 or More: It doesn’t matter if you’re depositing cash or cashing a check. If you make a deposit of $10,000 or more in a single transaction, your bank must report the transaction to the IRS.
Is there any tax on depositing cheques in bank account in India?
Your income of 3 lakh is taxable any way and if your accounts are supported with PAN, than you are liable to tax for rs 5 lakh. No , there is no tax on depositing your cheques or cash in your bank Account in India, as In India there is no banking transaction tax like some developed Countries… Harness digital marketing analytics tools.
How can I deposit a cheque in a cooperative bank?
1. You can deposit the cheque in your account. The interest earned would be added in your income. You have to pay capital gains tax if applicable. You can deposit the amount in any bank including Cooperative Bank.Seek the advise to get exemption from capital gains tax from the tax consultant.
How many accounts in India have received Rs 2 lakhs each?
Moreover, there are nearly 60 lakh accounts that have received more than Rs 2 lakh each between November 9, 2016 and December 30, 2016. Out of these, almost 6.8 lakh accounts were already marked as suspicious in the database maintained by various Government agencies, as reported by The Hindu dated January 10, 2017.
What is receipt of 10 lakhs?
Receipt from any person of an amount aggregating to Rs 10 lakh or more in a financial year for acquiring new bonds or debentures, buy shares in the primary market or buying new units of mutual funds.