Savings Account: Today every person has a bank account. Because nowadays most of the work related to money is done online, a bank account is required for that. If you are constantly depositing a lot of money in the bank, then you should know that there is a limit on the amount to be deposited in the bank, after which the government can confiscate that amount. This rule also applies to savings account and current account.
If you are repeatedly making big transactions from your savings account and are unable to give correct information about their source, then the government can take action on it. When an amount of more than Rs 10 lakh is deposited in your account, this information automatically goes to the Income Tax Department. If you are unable to clarify the source of this amount, then you can be charged 60% tax and 18% penalty (total 78%).
To avoid this:
- Keep a clear record of the source of the transaction.
- Keep your KYC documents updated.
- Avoid suspicious or unnecessary large transactions.
By following these rules, you can avoid any financial trouble. For more information, click here.
More information about the rules of savings account
If more than ₹ 10 lakh is deposited in your account, the bank reports this information to the Income Tax Department. If this happens repeatedly, the department may ask you the source of that money. If you transact a property above ₹ 30 lakh, its record also reaches the Income Tax Department. If you make a fixed deposit (FD) of more than ₹ 10 lakh, its information is also given to the tax department. Traders and big investors are also monitored under GST and other taxes.
Safety measures:
Always keep your account’s KYC documents updated. Keep proof and source of large transactions. Avoid suspicious or illegal transactions. Contact the bank from time to time for information on financial rules.
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