Dear sir, I want to know that normally fixed deposit is done through transfer from S.B ACCOUNT but as per INCOME TAX act how much amount I can deposit in the form of cash in fixed deposit account. And what is the penality for crossing the limit.
There is no limit on cash deposit in bank account. You can deposit any amount of cash in bank accounts.
IT department can ask for source of cash and you have to explain the source of cash to them. You can deposit your full cash without any penalty.
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