Cash Limit At Home: Still many people prefer to transact in cash. In such a situation, if you have also kept more cash in your house, then this news is to alert you. There has been a change in the rules of keeping cash in the house….under which strict action of income tax can be taken if more cash is kept in the house…
Since the Corona period, the trend of digital transactions has increased a lot. Now people are doing most of the transactions through UPI and debit-credit cards only. But still people prefer to transact in cash. For this, people withdraw more cash from ATMs in one go.
But do you know that the maximum amount of cash (Cash Limit at Home) can be kept at home. You may have to pay a fine for not knowing the rules. What is the income tax rule for keeping cash at home? Let us tell you.
How much cash can be kept at home?
According to the Income Tax rules, you can keep as much cash at home as you want. But if the cash kept in your house is ever caught by the investigating agency, then you will have to tell the source of this cash. If you have not earned money wrongly then you do not need to panic. You should have complete documents for this. There is no need to worry if you have filed your tax return.
Fines may be imposed
If you are not able to tell the source of the cash kept in the house, then the investigating agency will take action against you. Your difficulties may increase. Let us tell you that after demonetisation, it was said by the Income Tax that if you get undisclosed cash, then the amount of cash recovered from you can be taxed up to 137%.
How much cash can be withdrawn in a year?
According to the Central Board of Direct Taxes, if someone withdraws more than 50 thousand cash at a time, then he will have to show his PAN card. At the same time, more than 20 lakh cash can be deposited or withdrawn in a year. PAN and Aadhaar card will have to be shown for cash payment of more than two lakhs.
