Income Tax Rules In India: Penalties And Limits On Deposits And Withdrawals

I-T Rules Ask Users With Savings Accounts To Report Cash Deposits Worth Rs 10 Lakh Or More In A Fiscal Year

Current Account Holders Need To Report Cash Deposits Of Rs 50 Lakh And More In A Fiscal

These Limits Are Enforced To Observe Major Cash Flows And Restrict Misuse

Section 194N Of I-T Act Says Cash Withdrawals Over Rs 1 Crore In A Fiscal Will Attract 2 Per Cent TDS

Section 269ST Of I-T Act Levies Penalties On Cash Transactions Over Rs 2 Lakh

This Limit Is Applicable On Single Transactions/ Single-Event Related Or Transactions In A Fiscal Year

Section 269SS Also Bars Accepting A Cash Loan Over Rs 20,000 & Section 269T Doesn't Allow Repayment Of The Loan Via Cash

Cash Transactions Related To FDs, Credit Card Bills Are Also Subjected To Thresholds