4 Replies to “is there any TAX charge on the deposit of 5 lakhs rupees in my SBI account?”

  1. Hi Dear

    If Interest exceeds 10000 annually then the Bank is supposed to deduct 10.3% TDS.
    If you Income is below taxable limits then you have to file Tax return to claim Refund of the same

  2. There is no tax on the deposit. However there will be tax on the interest earned on this amount. Also you may have to declare this cash deposit in your IT returns later. IT department may question you the source of the income if this money is unaccounted. This will arise, if you had shown your total income less than this 5 lakhs in your IT returns.

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