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Home » Daily and Annual Cash Limits You Need to Know
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Daily and Annual Cash Limits You Need to Know

Understanding Income Tax Rules on Cash Deposits, Daily Transaction Limits, High-Value Transactions, and PAN Requirements to Avoid Scrutiny
News DeskBy News Desk28 February 2025No Comments2 Mins Read
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Daily and Annual Cash Limits You Need to Know

Many people wonder how much cash they can deposit or withdraw from their savings account without facing scrutiny from the Income Tax Department. According to tax rules, total cash deposits or withdrawals exceeding ₹10 lakh in a financial year will be reported by banks, even if spread across multiple accounts.

Daily Cash Transaction Limits

Under Section 269ST of the Income Tax Act, a person cannot withdraw more than ₹2 lakh in a single transaction or multiple linked transactions in a day. If the total cash deposits across all savings accounts exceed ₹10 lakh in a year, banks must report it to the Income Tax Department.

High-Value Transactions and Their Implications

Depositing more than ₹10 lakh in cash within a financial year is considered a high-value transaction. As per Section 114B, banks must inform tax authorities about such deposits. Additionally, any cash deposit above ₹50,000 in a single day requires a PAN. If you don’t have a PAN, Form 60/61 must be submitted.

How to Handle Tax Notices for Large Transactions

If you receive an Income Tax notice for a high-value transaction, you must provide valid proof of the source of funds, such as bank statements, investment records, or inheritance documents. If unsure, consulting a tax expert can help resolve concerns.

banner business cash deposit limit financial regulations Form 60 high-value transactions Income Tax scrutiny India PAN requirement savings account transactions Section 114B Section 269ST tax notice withdrawal limit
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