Payment Limit: The limit for depositing money in the bank account has been fixed, if it is done more then there will be jail

They do not know according to which money should be deposited in the bank and according to which it should be withdrawn, what is the limit, friends saving account is respected, it was started by the government for its savings account.

Which most people also use, but if you do more transactions in this, then you may have to pay tax.

Although there is no fixed limit for depositing money in a savings account, but if you deposit more than 10 lakh rupees in your account, then banks have to give its information ie income tax.

That is, the bank gives the information of your bank account to the Income Tax, if in 1 year you keep more than 10 lakhs in your savings account, then the notice is sent to you by the Income Tax Department.

And you are asked to answer for information, for this it is necessary that you are filing income tax returns from time to time, if you are not doing so, then notice can come to you at any time.

If you transact more than ₹ 1000000 in your bank account, then you will have to pay tax.

But on this you will have to deduct 10 percent TDS, this TDS will be deducted only when the amount of interest in your bank account is more than 10,000, then you will be deducted 10 percent rupees from the bank account itself, which is of interest.

If you are a senior citizen, then the amount of interest in your account does not exceed 50,000, till then you do not have to pay any kind of tax and it is exempted and does not even do TDS.

Apart from this, let us also tell you that if you deposit money in your savings account more than 3 times in a month, then many times you are also charged by the bank, for which different rules are set in different banks. Taxes have been kept.

In this way, let us tell you that there is no limit for depositing money in any bank, but it is necessary to have an account of that money, that is, money is collected by the government as tax, but if you deposit more money If you deposit and do not give its account to the government, then the government can send income tax notice to you.

Along with this, if you are given a notice by the government, after giving notice of income tax, if you are not able to present the answer correctly or give the account, then you can be sent to jail by taking action by the government.