How much cash can be kept at home, if you cross the border, you will have to pay a large fine, know the rules of income tax

New Delhi. By the way, since demonetization, people stopped having more cash at home (Cash Limit at Home). But some people still keep cash at home for emergencies or to avoid the hassle of banks and ATMs. Few people, however, know that keeping cash indoors is the right thing to do or that it falls within the purview of the law. If you also keep cash in the house then this question must have arisen in your mind, how much cash can we keep in our house?

Let us tell you that no limit has been set for keeping cash indoors. Under income tax rules, you can keep any amount of cash in your home, but if it’s caught by investigating authorities, you must identify the source. If you earned that money legally and have complete paperwork or filed an income tax return, there is no need to panic. But if you can’t cite the source, the agency will act on its own.

Also read this: Earn along with the railway, you can save 80,000 rupees every month, the tension of the job will go away

Know when and what the penalty is
If you don’t provide the cash account, your difficulties may increase. When your home is searched by the Income Tax Service and a large amount of cash is seized. Additionally, if you fail to provide accurate details of that cash, you may have to pay a hefty fine. The amount of cash you collect may be taxed at up to 137% of that amount. This means that the amount of cash you kept is definitely gone and you have to pay 37% on top of that.

keep these things in mind
Let us tell you that for withdrawals or deposits of more than 50,000 rupees at a time from the bank, you need to show the PAN card. Payment of more than 2 lakhs cannot be made in this case at the time of purchase. Also for this you have to show PAN and Aadhaar. If you make a cash deposit of more than Rs 20 lakh into your bank account in a year, you must show PAN and Aadhaar at the bank even then.

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Keywords: Business News in Hindi, income tax assessment, Income tax raid