Man Got Income Tax Notice After Depositing Rs 8 Lakh – Here’s How He Fought Back And Won
The ITAT observed that the original enquiry under Section 143(2) of the Income Tax Act was meant only to verify the source of the cash deposits. However, the assessing officer exceeded his authority by treating the entire amount as undisclosed business income without seeking prior approval from the Commissioner of Income Tax (CIT).
Nov 01, 2025, 13:17 PM IST
How Much Money Can You Deposit In Savings Account? What Is The Single Day Cash Deposit Limit In Savings Account? EXPLAINED
The Reserve Bank of India (RBI) has clear guidelines on per day and per year savings account cash deposit. Though there is no limit to how much money you can keep in your savings account, you need to know the official requirements.
Apr 16, 2025, 08:48 AM IST
Depositing Cash In Your Bank Account? Don't Do THIS Or You Will Lose Money - Check RBI Rule
To safeguard consumer's interests, the RBI has launched Deposit Insurance and Credit Guarantee Corporation (DICGC).
Feb 14, 2025, 14:12 PM IST
How Much Cash Can You Deposit In Savings Account In A Day? What Is The Yearly Limit? Explained
Cash Deposit Limit In Savings Account: What is the per day, and yearly limit? Details explained.
Nov 08, 2024, 10:22 AM IST
Cash Deposit Limit: How Much Money Can You Deposit In Savings Account In A Year?
From Cash Deposit, FD to Credit Card Payments and more, know how much money can you deposit in a year.
Jul 26, 2024, 07:02 AM IST
Over 36 lakh bank a/cs saw cash deposit of Rs 10 lakh or more in a financial year
Over 36 lakh bank accounts have seen cash deposits of Rs 10 lakh or more in a financial year, Parliament was informed on Tuesday.
Jul 18, 2017, 15:39 PM IST
Depositing Rs 2.5 lakh or above? Quoting PAN is mandatory, says CBDT
Quoting of PAN for cash deposits aggregating to Rs 2.5 lakh or more in bank accounts after the withdrawal of old 500 and 1000 rupees notes is mandatory, the tax department said Thursday.
Nov 17, 2016, 19:07 PM IST
Banks allowed setting-up cash depositors without RBI nod
The Reserve Bank has allowed banks to install cash deposit machines at their selected locations without getting its prior permission.
Feb 02, 2015, 23:39 PM IST