Income Tax Rule: How much money can you keep in your bank account, when do you have to pay tax, know the income tax rules..

Nowadays most people have a bank account. Savings accounts have become very important for government schemes, salaries, and other financial transactions. In this, your money is safe and you also get some interest. Also, having a bank account is mandatory for all digital transactions, which has made financial work easier.

But how much money can be deposited in a bank savings account? Is there any limit to it? Is there any problem if the cash balance limit is exceeded? Do you know the limit? If not, then let's know in this news below-

How much money can be deposited in a bank savings account?

Nowadays most of the customers transact through savings accounts, but they do not know how much amount they can deposit in it. Although there is no limit to depositing any amount in a savings account, but the Income Tax Department has fixed the upper limit of Rs 10 lakh in a financial year. If you deposit more than this limit, you will be subject to income tax and may have to pay tax on that extra cash. Also, it is necessary to inform the Income Tax Department if you deposit more than Rs 10 lakh.

When is income tax levied?
If you have more than Rs 10 lakh deposited in your savings account, the Income Tax Department can keep an eye on you. Banks have to give information about accounts with deposits of more than Rs 10 lakh in a financial year to the Income Tax Department. This increases the chances of you getting a notice. This limit of Rs 10 lakh also applies to fixed deposits, mutual funds, bonds, stock investments and foreign currency purchases such as forex cards. Check your deposit history and be alert.

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