Cash limit at home:- If you also keep more cash in your house, then definitely read this news once. Actually, today we are going to tell you in this news that according to the rules of income tax, how much cash you can keep in your house. Let’s find out in this news below.
Today, the trend of digital transactions may have increased in the country, but still a large number of people depend only on cash in case of emergency. Because of this people prefer to keep cash in their house. However, very few people know whether it is right or legal to keep a cash limit at home. We are going to give all the information related to this in this article.
How much cash can be kept?
As a rule, you can keep as much money at home as you want. There is no limit fixed by the government, but the condition is that whatever cash is available with you, where did it come from and what is its source. You should have complete knowledge of this.
full payment of tax
If you have a large amount of cash, you should pay full tax on it. Along with this, you should have all the documents related to tax payment, so that when asked by the Income Tax Department, you can easily give any information related to cash.
Fines can be imposed in this case
If your house is raided by the Income Tax Department and a large amount of cash is recovered. Also, if you do not give correct information about that cash, then you may have to pay a heavy fine. This fine can be up to 137 percent of the amount seized in the raid.
Important things related to cash transaction
You will have to show your PAN card for withdrawing or depositing more than Rs 50,000 in a bank at a time.
2 lakh cannot be paid while shopping. For this also you have to show PAN and Aadhaar.
If you deposit more than Rs 20 lakh in your bank account in a year, then you will have to show PAN and Aadhaar in the bank.
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