Income Tax: Tax will have to be paid if there is more money in the savings account than this limit, know the rules of income tax...

If you have multiple bank accounts then it is important for you to know what is the limit for keeping cash in them. If you know this, you will be able to avoid income tax. According to the rules, if you keep more than a certain limit in your savings account, then income tax will be deducted. Let us know about these limits today.

How much amount can be deposited in a day?
You can deposit a maximum of Rs 1 lakh in your savings account in a day. However, if you deposit cash occasionally then this limit can be increased to Rs 2.5 lakh. As far as the annual limit is concerned, a maximum of Rs 10 lakh can be deposited in a savings account. If you pay more than this limit then you will have to pay tax on the deposited cash. Income tax is not imposed on the amount of cash but on the interest received on it.

If more than Rs 10 lakh cash is deposited in a savings account, then it is the responsibility of the bank to give this information to the Income Tax Department.

If you get more than Rs 10,000 interest on your bank deposit, you will have to pay tax on it.

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