Know the income tax rules for savings accounts and how much cash you can deposit without attracting scrutiny. Discover the daily cash transaction limits, high-value transaction reporting requirements, and how to respond to an income tax notice.
Cash Deposit Machine: Customers can deposit money in their bank account through Cash Deposit Machine or Automated Deposit cum Withdrawal Machine.
Bank of Baroda had made certain changes with effect from November 1, 2020, with regard to the number of free cash deposits and withdrawals per month. Opposition political parties had also protested against the move.
Banking sources said ICICI Bank is not levying charges on the basic savings bank deposit account (BSBA) and Jan Dhan accounts.
Bank of Baroda (BOB) will start charging its customers for transactions beyond the prescribed limits from today. Names of other banks like Bank of India, PNB, Axis Bank and Central Bank are also emerging in reports, but they are yet to take a final call on the matter.
The I-T department has combed as many as 18 lakh people who deposited junked Rs 500 and Rs 1000 notes of over Rs. 2.5 lakh each post notes ban.
As many as 20,572 tax returns have been selected for the scrutiny procedure by the department post demonetisation, declared by the government on November 8 last year.
The government is said to be planning to invoke Section 447 of the Companies Act which provides for imprisonment of up to 10 years and penalty that could extend to three times the amount of fraud involved.
Acting on a plea alleging that the Bahujan Samaj Party (BSP)deposited huge amounts of cash in its accounts post demonetisation, the Election Commission (EC) on Thursday sought response from the party.
The CBDT has refrained tax officials from issuing threat, warning or show-cause notice to taxpayers contacted by it under Operation Clean Money.
Almost half of the 18 lakh people who were asked to explain deposits into their bank accounts post demonetization have been placed under the 'doubtful' category.
Out of 18 lakh people that were sent SMS/emails for making suspicious deposits post demonetisation, 5.27 lakh assessees have responded.
Providing clarity on scrutiny of deposits made in banks post demonetisation, the Central Board of Direct Taxes (CBDT) on Monday said that no questions will be asked about deposits of up to Rs 2.5 lakh
the government has asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more on credit card bills.
Following the Income Tax Department's warning on not allowing misuse of Jan Dhan accounts for laundering black money post-demonetisation, inflows into such accounts have come down significantly, the government has said.
The operations of scrapping of 500 and 1000 rupee notes will end on December 30, but the government will continue to monitor your bank accounts for large cash transactions and beyond that. The government has
The impact of the government’s November 8 move to demonetise 500, 1000-rupee notes is evident from the fact that the total cash deposited in banks within five days of the announcement has crossed Rs 1.5 lakh crore.
The State Bank of India (SBI) today reported deposits worth Rs 53,000 crore till mid-day as the result of scrapping of Rs 500/1,000 notes by the Modi government. The bank also said that it has
New Delhi, Jan 10: If you are an account holder of HDFC Bank, then be prepared to pay Rs 50 per quarter for a non-operational account of over a year and Rs 25 for depositing
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