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  • Category: Banking

    Requirements for cheque deposit of two lakhs


    Are you planning to deposit an amount of two lacs by cheque? Have a query about how to go about depositing it? Find suggestions from experts here.

    If I have a cheque worth Rs.2 lakhs, how do I deposit it into my bank account?
    What are the things required to deposit the cheque in my account?
    Is PAN card required for the same?
    Is there any tax levied for the same?
    Can you explain in detail?
  • #141306
    The procedure for depositing cheque of one hundred rupees and lakhs of rupees in your own bank account, is same,

    What are the things required to deposit the cheque in my account?

    1. The cheque should be written in your favour i.e in the place 'Pay to.." your name should be written.

    2. You have to fil up a chalan or pay-in-slip or deposit slip of the bank for the purpose. In that pay-in-slip you have to write correctly your name and account number, the branch name, the type of account, amount in words and figures. The details of the cheque can be written in the space provided for that. Then you have to sign at the place for 'depositor' and give your contact number there.

    3. As per the facilities provided by the bank, you may give the cheque at the specific counter provided for depositing the cheques or put it in the box provided for that. If you give it at the counter, get the counterfoil signed and stamped by the official who takes the cheque. In some banks it may be only stamped with date.

    4. If the cheque is from an account in the same bank branch, then the cheque deposit may be done as 'transfer' and to be given at the dedicated counter for internal transfers. If the cheque is of another bank in the same place it is 'clearing'. There will be tick boxes for the relevant category, which you may tick .

    Is PAN card required for the same?
    As your account would have been KYC compliant, PAN card is not required while depositing a cheque in your account.

    Is there any tax levied for the same?
    Tax is not calculated on individual cheques, but on the total turnover or income. At that time the transactions in bank accounts are also scrutinised and verified for finalisation of turnover or income correctly. The relevant rules and guidelines applicable to the category o the person or business is applied.

    Now let me point out certain general matters in this regard.

    Routing transactions through accounts is more welcome instead of doing cash transactions. It is beneficial for the account holder as there are records with the person and the bank and can be referred for any future need. The same can be used to prove the genuineness of our business and transactions.
    In case, your account normally does not have transactions of such amounts, and that amount is disproportionately higher than the usual transaction you do, then the bank may get some alert from the inbuilt system , and then they may as for some details. That you have to answer.

  • #141313
    Please specify the source of this 2 lakh. If this cash is withdraw from the bank before and you want to put again than there is no problem. Any notice give by income tax.another example like the money earned from tuition or from your job so u cannot get any notice from income tax department. But yes you require PAN card or any another identity proof.
    To know related to tax info see on the attachment:

    Delete Attachment

  • #141824
    For depositing the cheque procedure is the same as depositing to your account. To deposit cash of Rs50000 and above PAN number is a must or if you do not have a PAN number Form 60 for general or Form 61 for Agricultural activities has to be submitted with the challan. While for cheque deposit of Rs200000 you may mention or may not your PAN number as it would have been already registered in your account. No tax will be levied for this amount unless otherwise if you show it as an income while filing your tax return.

  • #141834
    Any cheque-deposit beyond Rs 50,000 needs the details of PAN - card and so is the case with the deposit of a cheque containing Rs 200000. In the absence of PAN - card, one would need to fill up a separate form giving the details of the source of income.
    Due care has to taken while filling the Income - tax returns where in there should be incorporation of the details of the said amount and a proper amount of tax is to be paid including the said amount.

  • #141969
    I have read the question. I am giving point-wise answer:-

    (a) To deposit a cheque of Rs. 2 lakh in a bank, you basically require two things. The first one is a cheque deposit slip and the second one is a photocopy of your PAN card.
    (b) You are required to fill up the cheque deposit slip carefully indicating the details of the cheque and your account number.
    (c) You are also required to enclose the cheque and copy of the PAN card with the filled-up deposit slip, and submit at the bank where you maintain your account. Please remember that for any transaction amounting to Rs. 50,000/- or above requires the PAN card details
    (d) At the time of deposit of cheque, you are not required to pay any Income Tax. . However, during the financial/accounting year, you have to take the cheque into account for the purpose of calculation of income tax.

    Caution: Explosive. Handle with care.


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