What if I deposit 50 lakhs in my account?

Deposits in Current Accounts : Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities. (ii) Rs 2.5 Lakh or more, in one or more accounts (other than a current account) of a person.

What if I deposit 30 lakhs in my account?

Yes. The Income tax Department receives information through its AIR network , ie Annual Information Return. Hence , when Rs 30 Lakhs will be deposited…

What happens if you invest Rs 50 lakhs in a FD?

If you invest Rs 50 lakhs in a Fixed Deposit (FD) with a bank or a Non-Banking Financial Company (NBFC) while opting for a non-cumulative, monthly interest payout, this is what you stand to earn: When opting for a non-cumulative interest payout, your interest earnings from the FD investment get added to your account every month.

How did I get Rs 50000 cheque from a friend?

You asked Rs 50,000 from your friend as loan and paid him back after 1 month. You got Rs 50,000 cheque from your relative on your wedding. Your father transferred some money you your bank account as help for some purpose.

How much is the tax on interest income from 50 lakhs?

If current rate is 6.75\% then monthly it will be 50lacs*6.75\%/12=28125 ,as interest amount amount is more than 10k in a year so there will be 10\%TDS deduction ,net you will get 25312. And for a year this interest income will be clubbed with your total income and you will have to pay tax as per as your slab.

How much is 50 lakhs in millions of rupees?

If we multiply this number by 50 (given in your question), we will get 50,000,000 rupees. If we multiply this by the US dollar conversion (0.02), we will get our answer: $1,000,000. Your answer is definitively wrong. 1 lakh is 1.00.000 and not 1.000.000. So 50 lakhs are 5 Mio.