Saving account Tax Notice: Hello friends, in today’s time, every person has an account in any bank. And that person opens a savings account in the bank to save his money. In today’s current time, every person has a personal savings account in the bank.
Let us tell you that in today’s time, you can get the benefit of internet banking by connecting your savings account with UPI. We deposit our savings in the savings account. And the bank also gives you interest on the amount of money deposited in the savings account. But do you know that how much money can you keep in the savings account? Let us tell you that there is no maximum limit for depositing money in your savings account. But if you want to deposit more money than its limit, then you have to pay tax on it. Today, we will talk to you about such rules of income tax through this article.
How much money can you deposit in a savings account?
Let us tell you that you can deposit as much money as you wish in any bank’s savings account. But you should keep in mind that you keep only that much money in your savings account that complies with the rules of ITR. If you keep more money in your savings account, then you will have to pay tax on the interest you get.
What happens if you keep more money in your savings account?
There is no limit to keeping money in a savings account. But if you deposit more than ten lakhs in your savings account in a financial year, then you need to inform the Income Tax Department about it. Because this amount comes under the Income Tax Department. And if you do not give them the information, then the Income Tax Department can take action against you for tax evasion.
Provide information while filing ITR
When you file ITR, it is necessary to inform the Income Tax Department about how much money you deposit in your savings account. And what is the interest rate currently on the amount deposited in the savings account. The interest rate you get from your savings account money is linked to your income. For example, if your annual income is Rs 10 lakh and you get an interest rate of ₹10,000 in the savings account, then according to the rules of the Income Tax Department, your total annual income is ₹10,10,000.
Keeping more money in the savings account causes this big loss
Let us tell you that it becomes difficult for you to keep more money than its limit in the savings account of any bank. Let us tell you that if the bank in which your savings account is and for some reason that bank sinks, then half of your amount i.e. only 5 lakh rupees remains safe today. In the financial year 2020, a new rule was changed by your Finance Minister in the Budget 2020. He was told that the amount of five lakh rupees kept in the bank will be considered safe. But before this rule, this protection was only up to Rs 1 lakh.
