Form 60/61

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  1. Venkata shiva nalla

    Venkata shiva nalla New Member

    If a person repeatedly deposit amounts in his savings account exceeding 50,000 by submitting form 60/61... Is it OK as per income tax rules for him and the banker who does that transaction
     
  2. Chandrashekar M

    Chandrashekar M Active Member

    A person can Deposit up to Rs 50,000 without having PAN card. In case, If you want to deposit more than Rs 50,000 then you will have to attach xerox copy of PAN card while depositing money. This restriction is only for Cash Depositing. There is no restriction on depositing any amount through Cheque. This has been imposed because income tax department needs to know the cash transaction you are doing. So they can ask from you "from where did you get so much cash ?" and hundreds of questions followed by it by selecting your case for scrutiny and further consequences. Further, If interest earned by you is more than Rs 10,000 then Bank will deduct TDS at the rate of 10% if you give your PAN card number; Otherwise TDS will be deducted at 20% or maximum marginal Rate whichever is higher.

    Regards
    Chandrashekar
    http://incometaxdoubts.wordpress.com
     
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