Can someone deposit 10 lakhs in my account?

Cash deposits in bank accounts: CBDT has made it mandatory for a bank or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more during a financial year, in one or more accounts (other than a current account and time deposit) of a person.

How much cash can be deposited without raising suspicion India?

Individuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. 5 lakh may be scrutinised. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.

What is the taxability of 5 lakhs in cash deposit?

Taxability is not dependent on cash deposit. It can be primarily argued that you have savings of Rs 5 lakhs in cash and due to demonitisation you want to deposit it in bank. Infact, doing so in 2 different bank account will enable you to withdraw cash faster as limits are per bank and not per pan.

How many accounts in India have received Rs 2 lakhs each?

Moreover, there are nearly 60 lakh accounts that have received more than Rs 2 lakh each between November 9, 2016 and December 30, 2016. Out of these, almost 6.8 lakh accounts were already marked as suspicious in the database maintained by various Government agencies, as reported by The Hindu dated January 10, 2017.

Is 10 lakhs a lot of black money in India?

A lot of businesses in India run entirely on cash. And it’s not uncommon that someone earning 2-3 lacs per year like this will have a wealth of 10 lacs after 5 years. That is not a black money. It just happened to be unaccounted due to low volumes. If you deposit entire 10 lacs, you will be inquired by IT and probably given clean chit.

How can I earn 10 lakhs in interest in 1 year?

If you invest Rs. 10lakhs for one year in a bank at a rate of interest of 6.75\%, then you will get Rs. 1069228. That means Rs. 69K will be the interest amount that will be gained within 1 year. Try to collect the interest in a yearly basis or at the end of the tenure. You should actually try in an NBFC rather than in a bank.