This is the common question that most of the people raise. People want to know how many savings accounts they can run simultaneously so that there is no problem with income tax. The second question is that what is the maximum balance that can be kept in the savings account so that income tax notice is not received. to such customers […]
You can deposit this much cash in savings account
This is the common question that most of the people raise. people want to know how much savings account Can run together so that there is no problem with income tax. The second question is that what is the maximum balance that can be kept in the savings account so that income tax notice is not received. It is very important for such customers to know that how much of the balance lying in their account is taxed and how much is not.
Actually, Annual Interest is given on the savings account by the bank, but all banks have different interest rates. On the other hand, some customers do not know how much money you can put or withdraw in a savings account in a financial year, so that you tax Do not come under the purview of There are many such confusions regarding the savings bank account in the mind of the taxpayer, which needs to be removed in time.
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How much money can be kept in savings account?
You can deposit as much money as you want in a normal savings account and withdraw as much money as you want. There is no limit to deposit or withdraw money in this. However, the limit for depositing cash and withdrawing cash by visiting the bank branch is fixed. But, through check or through online medium, you can deposit from Rs.1 to thousand, lakh, crore, billion or any number of rupees in the savings account and can also maintain it as balance.
Tax department will have to answer
Bank companies have to answer every year to the tax department if customers withdraw 10 lakh or more from the bank. Under the tax law, the bank has to give information about those accounts during the current financial year. This limit is viewed in aggregate for cash deposits of ten lakh rupees or more in a financial year in one or more accounts (other than current accounts and time deposits) of the taxpayer.
Only this much cash can be deposited
The limit of cash deposit in current account is 50 thousand rupees or more. Talking about transactions, Kapil Rana, founder and chairman of Hostbook Limited, says that a person should be aware of Rule 114E of Income Tax regarding income expenditure from the account. With this, he can withdraw or deposit as much money from his savings account in a financial year so that he does not come under the income tax radar.
Tax has to be paid on interest
The bank account holder has to pay tax on the interest earned on the amount kept in the savings account of the bank. Bank deducts 10% TDS on interest. Balwant Jain says that tax has to be paid on the interest, but the benefit of tax deduction can be availed on this also. According to Section 80TTA of the Income Tax Act, all individuals can get tax exemption up to 10 thousand. If the interest is less than Rs 10,000, then tax will not have to be paid.
Similarly, an account holder above 60 years of age does not have to pay tax on interest up to Rs 50,000. If even after adding that interest to your total annual income, your annual income is not enough to become a tax liability, then you can get a refund of TDS deducted by the bank by submitting Form 15G.
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