Income Tax Department’s New Guidelines : Now You Have to Pay 60% Tax for Cash Deposit on Savings Account

If you have a savings account in the bank, then this news is important for you. The Income Tax Department has implemented a new rule. As per the new guidelines, if you deposit more than Rs 10 lakh cash in your bank account in a financial year, you have to provide reasons for it. And if you do not show any reason, the department will collect 60% tax on your deposit amount.

Income Tax Department’s New Guidelines

The Income Tax Department has made it clear that if a person deposited cash of more than Rs 10 lakh in a financial year, it is mandatory to show reasons. In case the source of income is not proved, the department will levy 60% tax. This rule has been implemented to prevent black money and illegal payments.

Cash Deposit Limits Has Now Been Tightened

According to RBI, the limit for cash deposits in savings accounts has now been tightened. If you are depositing more than Rs 10 lakh in a financial year, you need to provide PAN number information. According to the new rules, instead of Rs 50,000, it is now necessary to provide PAN card information for deposits of more than Rs 2.5 lakh.

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