# Cash deposits above Rs 10 lakh may face tax scrutiny 2026-08-15T05:55:29+00:00 | Governance | Indian Opinion Desk Corroboration: 1 independent outlet Banks must report total cash deposits exceeding Rs 10 lakh in a savings account during a financial year to the Income Tax Department, Mint reports. The threshold covers one or several transactions and does not automatically mean a tax inquiry. Customers may be asked to explain the source of the money. Cash deposits above Rs 50,000 in one transaction require PAN or Form 60. Section 269ST of the Income-tax Act bars receiving Rs 2 lakh or more in cash from one person in a day, including through split payments. Tax may apply if the money comes from taxable income such as salary, business earnings, trading or rent. Records such as salary slips and rental agreements can help establish the source. ## Coverage - livemint.com Tags: Income Tax Act, income tax department, PAN Canonical: https://indianopinion.org/cash-deposits-above-rs-10-lakh-may-face-tax-scrutiny/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/cash-deposits-above-rs-10-lakh-may-face-tax-scrutiny/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes.