{"id":475,"date":"2023-01-26T22:32:21","date_gmt":"2023-01-26T17:02:21","guid":{"rendered":"https:\/\/www.pancardapplyonline.com\/blog\/?p=475"},"modified":"2023-02-03T17:30:09","modified_gmt":"2023-02-03T12:00:09","slug":"how-much-is-taxable-if-i-deposit-more-than-10-lacs-in-a-savings-account","status":"publish","type":"post","link":"https:\/\/www.pancard.finconsolidated.com\/blog\/how-much-is-taxable-if-i-deposit-more-than-10-lacs-in-a-savings-account\/","title":{"rendered":"How much is taxable if I deposit more than 10 lacs in a savings account?"},"content":{"rendered":"\n

In India, deposits made to a savings account are subject to taxes based on the individual’s income tax<\/a> bracket. However, deposits of more than 10 lacs in a savings account may be subject to a tax called the “Cash Deposit Tax.”<\/p>\n\n\n\n

As per the Income Tax Act, of 1961, if an individual deposits more than 10 lacs in a savings account in a financial year, he\/she will have to pay a Cash Deposit Tax of 2% on the amount deposited above 10 lacs. This tax is applicable at the time of deposit and is produced by the depositor to the bank. The bank will then credit the tax amount to the government.<\/p>\n\n\n\n

It’s important to note that the cash deposit tax is not applicable to deposits made to current accounts or fixed deposits. Also, it’s not applicable to cash deposits made in a single transaction.<\/p>\n\n\n\n

It’s also important to note that tax laws may change from time to time, so it is always best to check with the bank or consult a tax professional for the most up-to-date information and to get proper guidance.<\/p>\n","protected":false},"excerpt":{"rendered":"

In India, deposits made to a savings account are subject to taxes based on the individual’s income tax bracket. However, deposits of more than 10 lacs in a savings account may be subject to a tax called the “Cash Deposit Tax.” As per the Income Tax Act, of 1961, if an individual deposits more than […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-475","post","type-post","status-publish","format-standard","hentry","category-new-pancard-applying-online"],"yoast_head":"\nHow much is taxable if I deposit more than 10 lacs in a savings acc<\/title>\n<meta name=\"description\" content=\"In India, deposits made to a savings account are subject to taxes based on the individual's income tax bracket. 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