Income Tax: At present, business is becoming much more and the scope of digital transactions is also increasing continuously. Therefore, in the digital era, people are doing less cash transactions. Therefore, there is no problem in depositing money in banks.
But, if you do business in cash and you are going to have a large amount of cash coming at once, then you must know the rules related to it. If you deposit more cash in the account at once then you may have to face some problems.
Apart from this, if you deposit Rs 10 lakh or more in your bank account at once, then you can get a notice from the Income Tax Office. Different rules have also been made for depositing cash in different types of bank accounts. However, it depends on the type of your account.
Many times a person opens a zero balance account according to his convenience, but he cannot deposit a large amount of cash in it. You need to know about this. Banking experts say that if you open any bank account, then you should get information related to these rules in advance. So that there is no problem in future.
Let’s say you have a cash deposit limit of Rs 1 lakh in your account but you want to deposit more cash than this limit. In such a situation, you can be sent a notice by the Income Tax Office. To avoid this problem, you can increase the limit of your account by contacting the bank. If you deposit more money without increasing the limit of your account, then your account can be seized.