Can I deposit 15 lakhs in my account?

Cash deposits in bank accounts: CBDT has made it mandatory for a bank or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more during a financial year, in one or more accounts (other than a current account and time deposit) of a person.

Can I deposit 10 lakh cash in my account?

What if I deposit 20 lakhs in my account?

your father must have to give explanation to the income tax department for depositing Rs. 20,00,000 to a savings bank account within a short period when asked for. Tax will be deposited by your father within 15th March, 2020 (if payable).

How much money can you transfer between accounts without being reported?

By law, banks report all cash transactions that exceed $10,000 — the international money transfer reporting limit set by the IRS. In addition, a bank may report any transaction of any amount that alerts its suspicions.

Can I deposit 9000 cash?

Under the Bank Secrecy Act, banks and other financial institutions must report cash deposits greater than $10,000. There is nothing illegal about depositing less than $10,000cash unless it is done specifically to evade the reporting requirement.

How much cash deposit is suspicious in India?

Individuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. 5 lakh may be scrutinised. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.

Can I withdraw 10 lakhs from the bank in one day?

Yes, you will be liable to pay penalty of equal amount. For example, if you withdraw Rs 10 Lakh from Bank on a single day, you are liable to pay penalty of Rs 10 lakh irrespective of how you are going to use that amount.

Can I Sell my Land for cash in India?

If The land is urban land and sold of by you in cash, then you have already violating the income tax provisions. After 1stMay, 2015 any person can not received the sale proceedings in cash exceeding of Rs.20,000/-. There is penalty equal to the amount which is taken in cash.

Is 10 lakhs a lot of black money in India?

A lot of businesses in India run entirely on cash. And it’s not uncommon that someone earning 2-3 lacs per year like this will have a wealth of 10 lacs after 5 years. That is not a black money. It just happened to be unaccounted due to low volumes. If you deposit entire 10 lacs, you will be inquired by IT and probably given clean chit.

What is the meaning of 4 installments of Rs 1 lakhs?

R clears the bill in 4 installments of Rs 1 Lakh each on four different dates. Here, the cash receipts got by hospital are less than Rs 2 Lakh received on different dates but it is related to a single bill/ single transaction. Here, Hospital will be liable for the penalty.