Q. I have Three accounts on my Name, Can I deposit Rs. 2.5 lakh in Each Account?
Agam Gupta November 19, 2016 725 Views
No, it doesn't mean that if someone has Three or four accounts in his name, he should get three or four exemptions limit. Exemption / Threshold limit for an individual is Rs. 2.5 Lakh and up to this level the individual is not liable to pay Tax.
The Limit applies to the combined deposit of all the accounts.
Let's suppose; Mr A has Three accounts on is the name and deposited Rs. 2.5 lakh in each account thinking that Bank would not communicate to the Income Tax Department, But for your information, Bank Accounts have connected with PAN number already and whatever cash you are depositing the cash deposit would automatically come in the Income Tax Portal.
In This case, Mr A assessed with Rs. 7.5 Lakh income and penalty would be levied.