Income Tax Rules For Cash Deposits In Savings Accounts

To avoid Income Tax scrutiny, keep cash deposits or withdrawals in a savings account under Rs 10 lakh per year. Daily cash transactions exceeding Rs 2 lakh are prohibited. High-value transactions over Rs 10 lakh must be reported to the Income Tax Department. Cash deposits of Rs 50,000 or more in one day require PAN. Ensure you have documentation to justify large cash deposits.