Before putting any 2000 rupee notes in the bank, you should surely read this news if you have any as well. Before September 30, 2023, the RBI has requested that you deposit Rs 2,000 notes in any bank branch. However, misunderstanding has emerged in response to the RBI ruling. The Reserve Bank states that you can exchange ten 2000 rupees note (20000 rupees) at once. In addition, there is no cap on the amount of cash that can be deposited. But despite all of this, tax professionals are adamant about a few points.
2000 rupees note ban – Must keep up-to-date records and paperwork
What should people do if they have a substantial sum of cash at home and wish to deposit it in a bank account? To demonstrate the source of the funds, they need to create correct records and paperwork. By doing this, you can steer clear of any future issues. Cash deposits into bank accounts have a cap. It is kept track of who deposits money in the bank account.
A limit on monetary deposits
When there are numerous transactions from the bank, the Income Tax Department is notified of the specifics of the financial transaction. Form 26AS of persons who make deposits into the account contains this information. A cap on cash deposits into the account is set in the financial transaction statement.
If ten lakh or more is placed into a savings account each year
the Income Tax Department may send you a notification. Likewise, if a deposit of 50 lakhs or more is made to the current account. There is a chance of catching the authorities’ attention in this circumstance. You may receive a notice from the Income Tax Department if the amount you deposited does not match the amount on your income tax return (ITR).
You will be questioned about the cash deposit amount in the notice that the Income Tax Department sends. Therefore, it’s crucial to document the source of any cash you deposit into a bank account. You won’t be able to effectively reply to these notices if you don’t do this.
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