Tax value and maximum money one can withdraw at once?

please answer the below qeuries

  1. i want to know what is the maximum money i can withdraw from zerodha to my bank account in a year ( say for example i earned profit 6lac in a year) and i dont have my Income Tax filed with bank.
    is there any restrictions for deposit and withdraw in zerodha?

  2. i havent filed income tax. as im a fresh grad and couldnt find a better job from past 3 years. So i started trading with small capital 60k in 2019. im a options traders and most of my transactions are limited not bulk. i got sms alert from nse about my transaction ( for example todays transaction value was 27000 ). can anyone tell me whats the transaction limit per annum.
    and what could be possible penalty for not filing Income tax? i havenot got profit of more than 80k in previous years?

thank you

There is no restriction on how much money you can withdraw from or deposit into your trading account.

There is also no limit on how much turnover one can generate.

@Quicko can help you with this.

Late fees/Penalty shall be levied for for filing the income tax returns after the due date.
The due date for the filing of original return this financial year (FY 2019-20) is 10th Jan 2020.

If returns are filed after 10th Jan, penalty of Rs 10K shall be levied if your income is more than Rs 5 Lacs; otherwise it is Rs 1K.

(Please note penalty quoted are applicable for FY 2019-20 only)


is it mandatory to file income tax? as my earning is not more than 2.5 lakhs. im currently unemployed. no experience no job as of now… previously i was an NRI.

thank you

1 Like

It is optional if your gross income is less than 2.5 Lacs.

thank you for reply. one last query before i close this thread.
i havent earned more than 2.5lac but there are transcations in my savings account which is linked to zerodha. i tried to search google for this answer but couldnt get a proper reply. now my question is
if i file tax for financial year 20-21 … will my previous transactions make any trouble in filing?

i know i have to contact quicko for this but on quicko website there are many feature (its written about some limit of transaction or order) im just a kiddie in this field.

appreciate your reply…
thank you

It should not create a problem; you may get notification from the income tax department(compliance) under these categories with regards to previous financial years:

A] E campaign - Signification transactions
B] E campaign - Non Filing of Return
C] E campaign - High Value transactions

You can give your response depending upon the category in Income tax compliance portal.

Hey @danadam38uk,

A taxpayer is not required to file ITR for FY 2019-20, if his total income is less than INR. 2,50,000. There will be no penalty/interest imposed even when you file Belated ITR. With the recent data partnership between SEBI and CDBT, the ITD has better access to transactions undertaken by the taxpayer. So it is always adviseable to file your ITR and lower the chances of getting a notice/communication from the Income Tax Department.
For FY 2020-21, the taxpayer only needs to report incomes that are earned between 01/04/2020 to 31/03/2021. And when you file ITR for FY 2020-21, ITD can only ask you for details related to that FY. However, they can raise a query for the previous year.


please answer below queries.

  1. i was an NRI before and its been 6 years since i lost my NRI status and i have not filed IT Ever… i’ve been doing business after completing studies. (and didnt had income more than 2.50 lacs per annum ever in india.)
    now my question is i have some transactions in my savings account of bank which is linked to zerodha. and i have transcations exceeding total of 13 lakhs( debit and credit) during pandemic i used my savings accounts to buy/sell some goods to expand my business more and invested in trading as well…
    though i have incurred loss in trading…
    could you please let me know if im liable for any penalty for IT dept in my case if i file ITR for 01-04-2020-31-03-2021.
    (Sebi: as you told there will be no penalty from SEBI).

and one last query…

  1. i see most of the guys join advisory service or groups(telegram or whatsapp) or any website(stock market advisory) to get advice on investment (tips/indicators) and earn money.will they get any action/penalty from Income Tax or SEBI for taking services?

i understand its solely one’s own decision to take the risk…but most of them are using paid services to trade and sometimes copy scrips from trade advisors.?

thank you for your time and response.

There is no liability if you file your return within the due date.
Further, if any query is raised regarding your transactions; if adequate response is not given - then penalty will be levied.

There is no penalty for using such services.

Hi @danadam38uk

For FY 2020-21, the tax filing is estimated to begin after May 2021. However, it is always advised to file the ITR reporting all your Incomes and report the income/loss from the high-value transactions that you did which can also be reflected in your Form 26AS.
If your total income is below the basic exemption limit there won’t be any tax liability.