To what extent can money be deposited?

According to the regulation, you must present your PAN number to the bank when making a cash deposit of at least Rs. 50,000. Up to Rs. 1 lakh in cash can be deposited in a single day. Additionally, if you don't consistently add funds to your account, this cap may reach up to Rs. 2.50 lakh. A person is allowed to deposit up to Rs. 10 lakh in cash into his account in a given financial year. For taxpayers with one or more accounts, this is the maximum amount overall.

The IT department will monitor you if you go over this limit.

A bank must notify the Income Tax Department if a customer deposits more than Rs. 10 lakh in cash in a single financial year. The person is required to disclose the source of this income in such a situation. The income tax department may become suspicious of that person and launch an investigation if he is unable to provide adequate details about the source on the income tax return. A significant fine may be applied if discovered.

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