Q. If I already have Rs. 1 Lakh in Account and I have deposited Rs. 2 lakh in Account, do Income Tax Scrutiny comes?

By Agam Gupta 22 Nov 2016

Scrutiny would not come in this case , as the deposited cash is less than Rs. 2.5 lakh limit.

Q. If I deposited the cash, my combined limit of bank account exceeds, Do I need to worry about Income Tax Scrutiny?

By Agam Gupta 22 Nov 2016

If the combined limit of the bank account i.e. previous balance in the bank and the new cash deposit combinedly exceeds Rs. 2.5 lakh, the depositor need not to worry.

Q. Can I Deposit cash more than Rs. 50,000 in Savings Bank Account in a Day?

By Agam Gupta 20 Nov 2016

Yes, you can Deposit cash of Rs. 50,000 or more in a day in your savings Bank account after quoting of your Pan.

Q. Can I Deposit Cash in Installments in my Bank Account?

By Agam Gupta 20 Nov 2016

Yes, you can deposits cash in Instalments in your bank account if you are having an accounted money and the source of which is provable in front of the IT officer if asked.

Q. I have Three accounts on my Name, Can I deposit Rs. 2.5 lakh in Each Account?

By Agam Gupta 20 Nov 2016

No, it doesn't mean that if someone has Three or four accounts in his name, he should get three or four exemptions limit.