What are the limits of Cash deposit or Online deposits into NRO accounts by residents in India? Any documents required while cash depositing by the payee at bank other than PAN for > 50K Rupees?
TDS will be deducted only on the specific lists of incomes generated from the NRO, Not the inward deposits made into that right?
Hey @vinothanvik
There is no specific limit on cash or online deposits into an NRO account. However, for cash deposits exceeding ₹50,000, it is mandatory to furnish a PAN card. In addition to the PAN, banks may request other documents based on their internal policies.
Furthermore, TDS is only deducted on income earned within the NRO account, such as interest or rent, and not on the inward deposits made into the account.
Hope this helps!
The forum discusses the process and regulations related to cash deposits into NRO (Non-Resident Ordinary) accounts. Users share insights about permissible limits, the necessity of proper documentation, and compliance with tax regulations. The importance of understanding the source of funds and the implications for taxation are also highlighted.