If I deposit more than 10 lacs in savings account, then how much is taxable?
Savings account’s interest is tax free up to Rs. 10,000 in a year. Any interest more than this will be taxable as per your slab. So, if you deposit 10 lakhs in your saving account, you will earn 35,000 as interest with 3.5% rate of interest. And, you will have to pay tax on Rs. 25,000 if your total annual income exceeds 2.5 lakh.
What is the tax rate in a bank savings account?
When you have money in bank savings account, your money earns interest. That means that you get paid for keeping your money in the account. As you earn money, you have to pay tax on it. But Income Tax Department gives deduction upto Rs. 10,000 under section 80TTA on interest earned on all your saving bank accounts. The interest above Rs. 10,000 is included in the income from all other sources and is subject to income tax as per the applicable tax slab. TDS on savings interest is not deducted like fixed deposit and term deposit. But the account holder should calculate and declare the interest from all savings bank accounts during the financial year under the head 'Income from other sources' claim deduction u/s 80TTA and pay the tax accordingly. Interest on Fixed deposit is fully taxable at Income tax slab rates applicable to the person. There is no separate deduction of Rs. 10,000/- as available in the Savings account interest.TDS(Tax Deducted at Source) has been introduced to collect tax from the source from where an Individual's income is generated. TDS is applicable for salary, commission, professional fees, interest, rent, etc.TDS RATES ON FIXED DEPOSITS:@ 10% on interest to residents@ 20% is applicable in absence of PAN / valid PAN@ 30.90% to non resident Indian
Can I deposit cash 15 lakhs into my saving account?
Yes you can deposit any amount in your saving account, however once you complete this transaction on the same day, this information will be shared with income tax office with your document details, you need to reveal source of this money. If you manage to do this then there is no issue, but if you fail to reveal source of money then you are landing yourself in trouble.
Can I deposit Rs. 2.5 lakhs in my personal savings bank account when my annual package is Rs.7L ?
As you are salaried person having annual package of ₹7L, considering your salary is credited in your account i recommend you following concerns:1. First of all don't deposit cash of ₹2.50L in one shot space. Split it into 8-10 installments.2. You should file Income tax return (ITR) for this financial year.3. While filing ITR consider salary income and show this cash deposit as income from business & profession u/s 44AD.4. Bifurcate such cash deposit into gifts (upto ₹50000), loans & advances (for cash deposit less than ₹20000 in a single entry) and balance to gross turnover of business.5. Make adequate investments in PPF, LIC, or NSC etc. to claim such investment deductions u/s 80C.6. File return with considering all deductions for which you are eligible to.These points shall help you in reduce your tax liability.Further if you do so, then whether income tax department send notice to you or not you are no the safe side to giving your best explanation regarding all your deposits.For more queries do comment.
Can my tax refund be deposited in my savings account?
Yes
Does money deposited in the savings account attracts tax?
The money deposited will not attract taxHowever, the interest earned from savings deposit account is liable to tax.Interest more than Rs. 10000.00 per year from savings deposit is liable to tax as per Income tax rules.For this purpose, you have to club all your savings deposit accounts.Suppose, in your savings deposit account, you are receiving professional fees for services provided by you, you have to include the amount for the purpose of income tax and you have to calculate separately
If I deposit 9 lakhs by cheque into my saving account, is there any implications from income tax department?
No, if you’re depositing by cheque, there are no implications. Please understand that the funds should be genuine. If you at all get a scrutiny notice from ITD, they can even ask for the source of funds for this bank-to-bank transfer. So, just that you are transferrring amounts between banks do not make you less susceptible if the funds are not genuine funds.Thanks!
Income Tax Department get leads of the savings bank account which have more than 10 lakh cash deposit in one financial year. My question is that if I received 30000₹ from my freind in my savings account will it be counted in that 10lakh?
For your question- its more than 10 lakh in cash deposited to account is reported to IT department in an financial year. So your 30000 will be added if your friend deposits 30000 by cash to your account.Same you have to feed in annexures when you file your return.Moreover, if you have received more than Rs 50000/- Or Transferred at once or deposited by means of cash or cheque the same is reported to rbi which is a normal procedure of PMLA. The purpose of this is to know the source of fund and nothing else. You keep a legit 20 lakh no one will ask you till the time someone deposits more than 50000 at a single time or in total counts to more than one lakh in a week.For income tax purpose its duty of Bank to deduct the Tds from any interest more than 10000 at rate of 10% and the following will show in your 26AS statement.
If i have 100 crore in savings account of state bank of india, how much tax should i pay for it ?
if your interest income from a bank account exceeds 12000 in a year the bank will deduct 10% TDS on your interest income if you have a PAN and if not it will be 20%. You can file your income tax return and claim a refund or pay the balance tax if any based on your actual income for the financial year. for investing 100 crors you have to satisfy the bank th source of such funds.