Cash deposits below ₹10 lakh can still attract an Income Tax notice. Here’s why
Many taxpayers believe that cash deposits below ₹10 lakh in a financial year are outside the Income Tax Department’s radar. This assumption stems from Rule 114E of the Income-tax Rules, 1962, which requires banks, co-operative banks and post offices to report cash deposits aggregating to ₹10 lakh or more in savings accounts during a financial […]