Savings Account: Depositing and withdrawing more money than this limit in the bank account will be costly, know the income tax rules..

Most people have savings accounts in the bank, where they deposit their savings and withdraw them when needed. But do you know how much money you can deposit in your savings account or how much money you can withdraw at a time? If you do not know, then today we will tell you about some such important things related to savings accounts.

These are some important things about savings accounts-

Let us tell you that according to the rules of Income Tax, you can deposit a maximum of Rs 10 lakh in your savings account in a financial year and withdraw only Rs 10 lakh. Additionally, under Section 269ST, you cannot withdraw more than Rs 2 lakh in a single transaction from your savings account in a day.

In such a situation, you will receive an income tax notice-

If a person deposits more than Rs 10 lakh in his savings account in a financial year (1 April to 3 March), it will be considered a high-value transaction. In such a situation, banks inform the Income Tax Department under Section 114B of the Income Tax Act, 1962. It is necessary to provide a PAN number for daily transactions of more than Rs 50 thousand. If PAN is not there, then it is mandatory to submit Form 60/61.

If you deposit more than 10 lakhs in a financial year, you will get an income tax notice, which you will have to respond to. To respond to the notice, you must have sufficient evidence to support your claim regarding the source of funds. These can be bank statements, investment records, and documents related to inheritance. In such a situation, you can consult a tax advisor.

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