Yes, you can deposit 30 lakhs in your bank account in India. However, there are a few things to keep in mind:
- The limit for cash deposits in a savings account is Rs. 10 lakhs per financial year. If you deposit more than Rs. 10 lakhs in cash in a financial year, the bank is required to report it to the Income Tax Department.
- There is no limit on the amount of money you can deposit in a current account. However, if you deposit more than Rs. 50 lakhs in cash in a current account in a financial year, the bank is required to report it to the Income Tax Department.
- If you are depositing a large amount of cash into your bank account, it is important to have a valid source of income to explain the deposit. If you cannot provide a valid source of income, the Income Tax Department may investigate the deposit and ask you to pay taxes on it.
What is a valid source of income?
A valid source of income is any income that you have earned through legal means. This can include:
- Salary
- Business income
- Investment income
- Rental income
- Pension income
What if I don’t have a valid source of income?
If you do not have a valid source of income, you may still be able to deposit 30 lakhs in your bank account. However, you will need to be able to explain to the Income Tax Department where the money came from. If you cannot provide a satisfactory explanation, the Income Tax Department may investigate the deposit and ask you to pay taxes on it.
What are the consequences of depositing a large amount of cash without a valid source of income?
If you deposit a large amount of cash without a valid source of income, you may be subject to the following consequences:
- The Income Tax Department may investigate the deposit and ask you to pay taxes on it.
- You may be charged a penalty for not reporting the deposit to the Income Tax Department.
- You may be prosecuted for money laundering.
How can I avoid these consequences?
The best way to avoid the consequences of depositing a large amount of cash without a valid source of income is to ensure that you have a valid source of income to explain the deposit. If you do not have a valid source of income, you should consult with a tax advisor to discuss your options.
Additional Resources
Can I fixed deposit 30 lakhs?
FAQ
How many lakhs can be deposited in bank?
What is the maximum amount you can deposit in a bank?
Can I deposit 10 lakhs in my account in India?
How much money can you deposit without being flagged?
What if a savings account holder deposits more than 10 lakh?
If a savings account holder deposits more than Rs 10 lakh during a financial year, the income tax department may serve an income tax notice. Meanwhile, cash deposits and withdrawals in a bank account crossing the Rs 10 lakh limit in a financial year must be revealed to the tax authorities.
Can a person deposit 20 lakhs in a bank account?
A person is liable to keep any amount of money in the savings bank account. Can I deposit 20 lakhs in bank? Under the new rules and regulations set by the Central Board of Direct Taxes (CBDT), individuals looking to deposit more than ₹ 20 lakh a year will now need to present their PAN details and their Aadhaar card mandatorily.
What is the cash deposit limit on a savings account?
The cash deposit limit on savings accounts is ₹1 lakh. Depositing more than ₹1 lakh in a savings account may attract the attention of the IT department. There are also certain savings account withdrawal limits that you should know. Here, it is best to check the specific rules of the bank where you hold your savings account.
Do banks have to declare large cash deposits?
All banks or financial institutions must declare large cash deposits according to Section 114B of the Income Tax Act, 1962. Cash deposits are monitored by the Income Tax department, and the cash deposit limit in savings account refers to the amount deposited by each person.