Reporting of cash deposit-withdrawals to the Income Tax Department

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Reporting of cash deposit-withdrawals to the Income Tax Department

How much cash you can deposit in bank account

Following Transactions along with your PAN and/or Aadhar will be reported by Banks /Post Office Bank to Income tax Department vide Notification No. 53/2022 dated 10/05/2022

•Cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more  bank or a co-operative bank or post office account.

•Cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more bank or a co-operative bank or post office account

•Opening of a current account or cash credit account by a person with bank or a co-operative bank or post office.

Kindly note limit of Rs. 20 Lakhs is to be counted in a financial year considering cumulative transactions. 

Notification No. 53/2022 dated 10/05/2022

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