Know how many rupees are deposited in your savings account, can you get an income tax notice?
Saving account: Now there is no household that does not have a bank account. In most of the households, there is a savings or current account in the bank account of each of the members in the household. But at least one person in every household has a bank account. And the person himself deposits the money he earns and saves in this savings account. But do you know how many rupees you can deposit in your savings account against which you may not have to pay income tax. If you don’t know this rule and you deposit more money in your savings account, you may get income tax notice. Know how much rupees you can deposit in a savings account.
How much money can be deposited in a savings account?
Let us tell you that you can deposit as much money as you want in the savings account of any bank, but you should pay special attention to the fact that you keep only the amount of money in your savings account that complies with the rules of ITR. If you keep more money in a savings account, you will have to pay tax on the interest you earn on it.
What happens to excess money in a savings account?
There is no limit for keeping money in a savings account, but if you deposit more than 10 lakhs in your savings account in a financial year, you need to inform the Income Tax department about it. Because this amount comes in income tax and if you don’t inform them then income tax department can process against it for tax evasion.
Information required to be provided while filing ITR.
At the time you file your ITR, you need to inform the Income Tax Department about how much money you deposit in your savings account. And what is the current interest rate on the amount deposited in the savings account. The interest rate you get on your savings account money is tied to your income.
Important link
પગ ના તળિયા વિશે ગુજરાતીમાં વાંચવા માટે અહીં ક્લિક કરો
As an example, if your annual income is 10 lakh rupees and you get interest of 10000 rupees in the savings account, then according to the rules of the income tax department, your total annual income is 10 lakh 10 thousand rupees.
Having too much money in the savings account causes this big loss.
Let us tell you that keeping more money than its limit in any bank’s savings account can prove to be a problem for you. Because if your savings account is in the bank and for some reason the bank goes bankrupt, half of the amount is safe. In the budget presented by the finance minister in the financial year 2020, it was stated that an amount of five lakh rupees kept in a bank is considered safe but before this rule this safe was only up to one lakh rupees.
