The amount of money you can receive in your savings account and transfer to other accounts in a financial year in India depends on various factors, including your banking relationship, transaction limits set by your bank, and regulatory guidelines.
There is typically no limit on the amount of money you can receive in your savings account. However, certain transactions above a certain threshold may attract scrutiny from banking authorities to prevent money laundering and other financial crimes.
If your credit or debit transactions exceed a certain threshold, it may trigger reporting requirements under the Income Tax Act, 1961. For instance, banks are required to report cash deposits of Rs. 10 lakh or more in a financial year in savings accounts to the Income Tax Department.
Whether or not you are required to file an ITR depends on various factors, including your total income, sources of income, and applicable tax deductions and exemptions.
How much money can I receive in my saving account and how much can I transfer to other account from my saving account in a financial year? If my credit or debit crosses more than 50 lakhs in a financial year, can income tax department take action against me because I don't file ITR?
Nishika
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2024-02-26T12:19:50+00:00 2024-02-26T12:19:51+00:00Comment
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