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What happens if the bank puts extra money in your account?
The financial institution is ultimately responsible for replacing money that was deposited into the wrong account. If the money was already spent before this time, you’ll still be credited and the person who spent the money will at the very least be responsible for paying it back to the financial institution.
How much money can I deposit in my account?
If you deposit more than $10,000 cash in your bank account, your bank has to report the deposit to the government. The guidelines for large cash transactions for banks and financial institutions are set by the Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act.
Why do I have extra money in my account?
You may be missing money or you may discover that you have extra money. This could happen for many reasons. The bank may have made a deposit to the wrong account. You may also find that you have withdrawals that have not been authorized, or perhaps the bank has made an error.
Is it bad to have a lot of money in your bank account?
Keeping too much in your checking account could mean missing out on valuable interest and growth. About two months’ worth of expenses is the most to keep in a checking account. High-yield savings accounts, CDs, and investment accounts are better for money long-term.
Do I have to pay tax on my additional income?
If this is the case then you will almost certainly be required to pay tax on your additional income, as your personal tax free allowance is already being consumed by your ‘day job and you’re paying tax on your salary under the Pay as you earn (PAYE) scheme.
Can deposits be made in a salary account?
Yes,deposits can be made in salary account.The bank won’t deny it, if your account is credited with some amount other than your monthly salary. If need arises,you should be able to justify the source of income/deposits i.e. whether you have earned it from somewhere or the money has been gifted by someone.
How can I avoid paying taxes on my income?
Withholding from your pay, your pension or certain government payments, such as Social Security. Making quarterly estimated tax payments during the year. This will help you avoid a surprise tax bill when you file your return. You can also avoid interest or the Estimated Tax Penalty for paying too little tax during the year.
Can I deposit money in my salary account without a pan?
YES. You can deposit money in your salary account. If the amount you deposit is more than Rs. 50,000/— the bank may ask your PAN No. This billion dollar startup is changing the way people retire. This Princeton grad’s startup raised $110 million. Its free tool can help you retire comfortably.